Santa Cruz Construction Lenders for Residential Real Estate
A list of private construction lenders for Santa Cruz home builders to finance residential ground-up construction projects - SFR, condo, townhomes. Most lenders will require the project to be fully entitled and shovel ready. A small percentage of lenders will consider land acquisition and/or land development financing.
In July 2017, SDC Capital funded a cash-out, construction completion loan on a high-end single family residence in Aptos, CA. The borrower’s existing construction loan came due and the borrower needed additional funds to complete the project. Given SDC Capital’s extensive construction experience and thorough due diligence, SDC was able to get the title company to issue a lender’s title policy with mechanic’s lien coverage.Without this coverage and SDC’s persistence, this deal would not have closed. The interest rate is 9.5% at 60% loan to completed value, and a 9-month loan term.