Kinds of loans

[Manolo D.]

This is more of an informative question for a contractor to be working with a developer. Since my journey on trying to get into RE, I stumbled on the power of OPM or from lenders. Ever since our company operated, we have never had to borrow from anyone else except immediately family thru company-company loan. So I have zero experience on applying for a loan or getting it approved, or what is fair or not.

I have been talking to a developer to do the flooring and paint on their 75 condos. He decided to visit me today and i was on the end of all jobs except one and had to gather everyone to one place and take a break longer while waiting for the next project. Anyway, he saw the capacity and offered the cabinet and bathroom jobs to get priced, i do not bid on jobs where i know if they snag on payment, i would be able to pay the labor for a week more. I politely told him that I will evaluate my resources and will give an answer next week. I ran random numbers, and surely I won't be able to do it alone as it is about 25-30k per @ 75 total units divided in 5 phases.

My question is, what type of loan will i be searching for when doing some google/approaching individuals/banks that will allow me to get the financial confidence to bid on these kind of jobs. Normally I will walk away directly in something like this, but I wanted advise first before doing so. or what are my best options in cases like this? Thanks BP!