Suggested Lenders for Special Lending Situation
Hello,
I have a slightly special financing situation. Wanted to poll the group before I submitted an official lender search to see if anybody had specific folks they suggest. Any help is appreciated. Situation overview is below.
Thanks!
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Address: 4535 Kingswell Avenue, Los Angeles, CA 90027.
Property Description: Duplex. Upstairs until 2 bed 1 bath ~1,000 sq ft. Downstairs unit 5 bed 3 bath ~2,000 sq ft. Garage ~400 sq ft.
Situation: Plan to build 2 new 2 bed 2 bath ADUs in the back of the property. These will be ~700 sq ft each.
Valuation and Current Loan: Property appraised for $1,530M when purchased back in July. Currently in process of securing refi loan with US Bank at 6.25%. Loan balance will be around $1,105M. Funds tomorrow.
Ask: Looking for ~$200K second, delayed draw would be optimal, not sensitive to interest rate. Just need the financing to close funding gap on the new ADU construction. Estimate for construction is $400K, half paid with this financing the other half with cash on hand. Plan would be to refi whole property once construction is finished under one loan.
Issues: Would like the first mortgage to remain as it is at 6.25%. 4 other people own the home. I own the majority (~54%) and live in the downstairs unit. There are non-occupant co-borrowers on the first mortgage. I work in finance where a lot of my income is in a year end bonus and, unfortunately, I just started a new job so lenders are unable to use my bonus income. As a result, I will likely not qualify for a $200K second by myself and will need non-occupant co-borrowers on that as well, which is problematic for many second lien lenders.