Financing in 92127>Question Details

Matt, Other/Just Looking in San Diego, CA

Are there any lenders offering jumbo construction loans (approx. $2 million total project cost) with an 80% LTV? This is for San Diego County.

Asked by Matt, San Diego, CA Wed Feb 19, 2014

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Hi Matt,
There are also JV partners that could lend you based on an equity ownership and minimum return.
0 votes Thank Flag Link Sun Mar 16, 2014
If you have additional assets to pledge, say an additional 20% between liquid assets or equity in other properties, you may be able to get 80%.
0 votes Thank Flag Link Sat Mar 8, 2014
We are testing a lender that is insurance guaranteed. The loan can be used for Commercial or Residential... We have submitted 4 loans one is a $1,000,000 purchase loan. There is a funding fee or down payment $9700. There is an insurance policy that is purchased by the buyer $700 per month, the payment is $3300... I don't have the formula to calculate the payment and funding fee. Its also a stated income loan and its not credit score driven...A $990,000 loan at 5% P&I would be $5314 this loan is about $1000 cheaper...We should have all the result next week after closing...hlear@realtyconnections.net
0 votes Thank Flag Link Fri Mar 7, 2014
Thanks Harold - please let us know how the closing turned out. Are these private/hard money loans or from an institutional lender?
Flag Sun Mar 9, 2014
Matt-
There are a number of Lenders that offer Jumbo Construction loans. BBVA Compass offers Jumbo Construction financing through our One Time Close Construction loan. Hope this helps. Please feel free to contact me with questions or for more details.
Regards,
Matt Brozek
Vice President-Mortgage Banking Officer
BBVA Compass
NMLS#8985
Matthew.Brozek@bbvacompass.com
0 votes Thank Flag Link Tue Feb 25, 2014
Thanks Matt. I have already been in contact with BBVA Compass, and they told me their LTC ratio for a $2 million project was 75%.
Flag Sat Mar 1, 2014
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