Does anyone out there know of any lenders who will provide a construction loan for a church to condo conversion?
We have all the necessary initial requirements.......1) at least 20% in the equity of the land. My client has a balance of 2M with a value of 3.2M of the land. 2) a condo map-a tentative map-a condo declaration-a subdivision map. I believe the zoning is fine. The project is in CA.
Currently the church structure is on the land awaiting demolition once the construction loan has been obtained. We need a construction loan for 6M (2M land loan + 4M for construction). There are to be 16 condo units all of which are to sell at 725K. (total of 11.6M)
FICO scores are 700+
Income documenation is no problem
High networth
This seems like an easy one but I am having the problem of the church to condo conversion with the lenders I have used in the past for this same type of project. Any help would be greatly appreciated.