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A regional bank is actively funding California construction projects including “For Sale” housing; stick-built tract and high-rise condos to $40,000,000. Commercial assets including hospitality will also be funded at lower LTC points. Housing Rentals top the list at 75% of cost with retail, office and industrial topping out at 70%. Condos and flagged hotels are limited to 65% of cost. LIBOR based spreads of 300 over serves as the baseline prior to credit adjustments. Imputed equity is considered for land holds over 2 years or entitlement changes while owned. Take-out and traditional mini-perm options are also available for recourse borrowers. |