San Diego County
San Diego County with coastal access or easy access to downtown have been a hot market for us. We are lending on heavy construction projects, especially tear down and spec builds.
Coastal homes are highly sought after in San Diego County. We have seen many hard money lenders lend on properties near the water especially for in-fill and development projects with minimal or full ocean views.
This has been a higher-end area with large opportunities for investors to tear down old multi-family projects and create larger single-family homes with large value. Especially on ocean view projects or projects near the main street/ downtown areas.
We've seen ARV's continue to climb and borrowers successfully completing projects within 12-18 months.
Greater San Diego County
We receive deals in Imperial beach, Rancho Santa Fe, Mira Mesa, El Cajon, and Coronado. The vast majority of the deals have paid off well in advance of their maturity dates. There seems to be a push for heavy construction, in-fill, and ground up projects due to San Diego's low inventory and bid-up pricing on existing rehabs. These projects have seen good after rehab value (ARV) for borrowers working in these areas.
Point Loma has been a true hot spot for us with experienced borrowers looking to turn rehab projects into multi-million dollar valued homes with panoramic views and a rustic modern style.
This area seems to be more favorable for the city. They are granting permits and plans to experienced real estate investors looking to improve the overall coastal community on the hill. Not to mention it is a good area for multi-family rentals and student housing, which we have seen to be successful.