If I remember correctly you need a construction lender that can deal with a rehab scenario, right? If so, you’re probably looking for one of the community banks. As in not Bank or America or Wells Fargo or Washington Mutual. You want a lender that’s headquartered in this region. A short list that includes, but it not limited to:
First Pacific Bank
Neighborhood National Bank
Community Commerce Bank
Seacoast Commerce Bank
Pacific Western Bank
First Business Bank
Home Investment Bank
Etc., etc. You can look in the Yellow Pages. I know at least half of the above would do a deal like this because I’ve appraised such properties for them before.
Expect to pay more in interest rates and deal with lower loan-to-value maximums. As one of the other posters in the other thread already noted, a rehab scenario in a declining market involves some additional risks.
