Updated over 5 years ago on .
ISO Construction Loan
I have a property in southern California that already has a building built and leased with a 100k private hard money loan remaining.
The land it sits on can accommodate an additional building and I plan to erect a 6k SF metal building for commercial leasing.
I'd like to take advantage of the low-interest environment we find ourselves in and borrow to finance this although I do have several investors if needed.
For reasons I don't wish to expand on I do not want to work with traditional lenders as I'm not willing to go through the time and expense of a Phase 1 and or 2.
Any recommendations for ways to go about this? Sources that might be good to look into? I'm willing to put 20-50k of my own capital towards this.
I plan to use $100k of this loan to consolidate the existing note on the original building as they are in 1st position currently. The subject property value is $1.5M prior to the new building.