Construction Lending in Los Angeles
I've made private money rehab loans many times before but never a ground up construction loan. How do I know if a lot is permit ready. The property is a SFR infill lot in the City of Los Angeles. I don't want to do the loan unless everything is ready to go, that is, that it's gone through planning and Building and Safety, entitlements I guess they call it.
I'm looking at a signed off RTI-B1 (Ready-to-Issue, Structural Plan Check Projects, Regular Plan Check) form issued by the LA City Department of Building and Safety. Is that it? Do I need anything else?
I'm comfortable doing with loan underwriting in general, I'm just not familiar with entitlements.