San Francisco doesn’t build the way suburban markets do — there’s no open land for sprawling subdivisions, so new construction here concentrates in a handful of active corridors where redevelopment and infill projects are reshaping entire neighborhoods. Mission Bay has emerged as the city’s most active new-construction district, anchored by towers like One Mission Bay, a 350-unit project from CIM Group sitting minutes from UCSF’s Mission Bay research and hospital campus. In SoMa and Rincon Hill, projects like Lumina, The Harrison, and MIRA have added hundreds of units of new high-rise inventory in recent years. Further south, Lennar’s San Francisco Shipyard master-planned community in Hunters Point-Bayview is bringing new-construction homes, including the Madison collection, to a part of the city that had seen little new residential building for decades.
For buyers purchasing pre-construction units in these developments, or for the smaller number building custom homes on infill lots elsewhere in the city, financing needs to account for deposit structures, builder draw schedules, and the reality that a single closing — rather than a separate construction loan followed by a refinance — reduces cost and risk.
A One-Time Close Construction loan combines your construction financing and your permanent mortgage into a single closing, structured in three phases:
Construction phase: Funds are disbursed in draws as your unit or home is built, whether that's a developer-managed high-rise like One Mission Bay or a custom infill build.
Conversion phase: Once construction is complete and the certificate of occupancy is issued, the loan converts automatically into permanent financing — no second closing, no second round of underwriting or appraisal.
Permanent phase: You begin making standard mortgage payments on the converted loan, at the rate and terms locked in from the start.
Key Features:
Single closing covers both construction and permanent financing
Rate can be locked before construction begins, reducing exposure to rate movement during the build
Available for developer pre-construction purchases and custom infill builds
Draw schedules structured around your specific project or developer's construction timeline
Eliminates the cost of a second set of closing fees
For pre-construction purchases within or near San Francisco’s conforming loan range, including select units in newer developments.
Given that San Francisco’s conforming ceiling sits at $1,249,125 and new-construction pricing in developments like MIRA, The Harrison, and One Mission Bay frequently exceeds that, most buyers here need Jumbo-level One-Time Close financing rather than standard terms.
For buyers constructing a custom home on an infill lot elsewhere in San Francisco, with draw schedules built around an individual builder’s timeline rather than a developer’s master construction schedule.
Mission Bay
The city's largest concentration of new residential towers, including One Mission Bay, positioned close to UCSF's Mission Bay campus and a short Caltrain or Muni ride from SoMa and the Peninsula's job centers.
SoMa, Rincon Hill, and Transbay
Home to Lumina at 201 Folsom, The Harrison on the former 1 Rincon Hill site, and MIRA, a Studio Gang-designed tower — all delivering new high-rise condo inventory with resort-style amenities near the Financial District and waterfront.
Hunters Point-Bayview
Lennar's San Francisco Shipyard master-planned community, including the Madison collection, represents the most significant new-construction activity in this part of the city in decades, with onsite amenities and access to Crane Cove Park along the waterfront.
Experience financing pre-construction purchases in Mission Bay, SoMa, and Hunters Point-Bayview developments
Jumbo One-Time Close structuring for San Francisco's above-conforming new-construction pricing
Rate-lock strategy that accounts for developer construction timelines
Direct coordination with builders and developers on draw schedules
Single point of contact from construction draw through permanent conversion
Ryan Lehrman, NMLS #235295
Credit profile: Generally 700+ credit score, higher for Jumbo-level construction amounts
Down payment or deposit: Typically 10-20%, often aligned with developer deposit schedules for pre-construction units
Builder or developer verification: Confirmation of the project's construction timeline, permits, and, for developer purchases, the purchase and sale agreement
Reserves: Sufficient liquid reserves to cover the construction period, particularly for custom infill builds with less predictable timelines
Initial consultation — We review your project — a developer pre-construction unit or a custom infill build — and your target loan amount.
Pre-approval and rate lock — We lock your rate structure before construction begins, protecting you from rate movement during the build.
Draw coordination — I work directly with your builder or developer to structure disbursements against their construction schedule.
Completion and conversion — Once your unit or home receives its certificate of occupancy, the loan converts to permanent financing with no second closing.
Permanent phase begins — You move into standard mortgage payments on the terms locked in from day one.
Pre-construction purchases from developers like those in Mission Bay typically use a One-Time Close construction-to-permanent structure, since you're paying deposits during the build phase before the unit converts to standard ownership at completion. I can walk you through exactly how the deposit and draw schedule works for your specific building.
Yes. VA loans carry no county loan limit for eligible veterans with full entitlement, and that applies to One-Time Close construction financing as well. This is particularly relevant given the veteran community connected to the San Francisco VA Medical Center's regional referral role.
Yes. I structure One-Time Close construction loans for incoming physicians using contract-based income qualification, the same approach used on our standard Physician Mortgage Loans page, so your build timeline can align with your start date at a San Francisco hospital system.
It mostly affects project type rather than loan structure — San Francisco construction financing is overwhelmingly tied to developer-led high-rise and mid-rise projects like those in Mission Bay and Hunters Point-Bayview, rather than single-lot subdivisions. That means draw schedules are often tied to a developer's overall project timeline, which I coordinate directly with the builder on your behalf.
Building or buying new construction in San Francisco starts here. Let’s talk through your builder, your site, and your timeline.
Originally from Harrisburg, Pennsylvania, I moved to Phoenix to attend Arizona State University and have proudly called Phoenix home ever since.
My journey into the mortgage industry began with a friend’s encouragement, who saw how my energy and people-first mindset could make a difference. He was right — I found my calling.
I’ve always embraced what makes me different. With ADHD as my secret weapon, I thrive in fast-paced, detail-heavy environments. I’ve built my career on clear communication, creative problem-solving, and putting clients first, always.
Outside of work, my greatest motivation is my wife and three amazing kids. I’d be honored to help guide you through your lending journey with care, clarity, and commitment.
Who we are
Our website address is: https://loansbylehrman.com/
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