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Owner Occupied (Primary Residence)

Up to 90% CLTV

2nd Home

Up to 80% CLTV

Non Owner Occupied (Investment)

Up to 80% CLTV

Accessory Dwelling Unit Construction Program

Loan Product: Plus IDa270-P118

  • An ADU, or Accessory Dwelling Unit, is defined as an additional unit on a residential lot in addition to the main house (or main multi-family building). Recently in Los Angeles County, Orange County and California as a whole, laws and guidelines regarding ADU’s have been modified to allow for more ADU construction as a way to help solve the CA Housing shortage.  The ADU loan program provides purchase and refinance financing for additional dwelling unit construction on owner and non-owner-occupied properties.

Lending Criteria & Guidelines:

  • Eligible states: CA only

  • Loan Amounts: $100,000 – $2,500,000+

  • Property Type: Single Family – Multi- Family / 1 – 3 ADU’s, OK!

  • Loan Type: Business Purpose Ground-up Construction or remodel construction, OK!

  • Loan-to-Value: Up to 60%-65% LTV/CLTV on After Repair Value (ARV)

  • Terms: 1 to 4 years with Balloon – Interest Only Payments

  • Occupancy: Owner Occupied and Non-Owner Occupied – ADU must be a rental

  • Underwriting: Equity Driven, Bank Statements, No Tax Returns (other docs apply)

  • Property Valuation: Appraisal Required on After-Repair-Value

  • Interest Rates: 1sts from 9.99% – 2nds from 12.50%*

  • Points & Fees: 3+ Points plus Underwriting & Valuation of $2,995+

  • Funds Control: Required – Funds Available if permits in place or not yet

  • Good to Know: Must comply with City and State ADU ordinances

  • 7 Day Fundings

  • Yes, to: Low FICO – Bankruptcy – Notice of Default – Foreign National – Self Employed

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