Getting funding for a half built home (flip)

[Gabriel Ramos]

I'm looking at a property in Oakland that was a was a near new construction. I say near  because several of the walls of the original building are still standing. The foundation is already in and most of the framing looks to be complete as well . this project would work really well for me because I'm in the residential remodeling business. I also have my own Crew so my building cost would be less than a typical investor would need to put in.
I would love some advice on how to fund this purchase. I have a coupled hundred thousand in working capital for my business which I can use for the build out but I would still need money for the purchase and another 300K to complete the reno. I'm will to look into hard money or even a partnership. I just got this today so my numbers are rough at his point but even with hard money and 12 month hold I see the potential for a 30% ROI.
Thanks in advance

[Kevin Woodard]

I have a few questions, I’ll shoot you a message. 

[Alex Hunt]

Hard money lender for a fix & flip/ bridge, will get you purchase price and renovation. If you want to pay out of pocket for the reno, you can right into a 30 year fixed form a non- Qm lender. Can also go with a bridge to avoid the prepay penalty if you plan to refinance after the reno is complete, might not be for you... Seems like you want to sell after reno. Sent you a message with more questions

[Andrew Postell]

@Gabriel Ramos yeah, this seems to be a pretty standard renovation loan.  There are plenty of lenders that write this type of a loan in California.  Who do you bank with currently?  Like, with your business banking?

[Gabriel Ramos]

I bank at Wells Fargo my hesitation to do conventional financing is that for the last few years I've been putting near all our profits back into the company. I got a great credit score but on paper I look like I should be on food stamps :)

[Andrew Postell]

@Gabriel Ramos oh, yeah, don't go to them for a mortgage.  I mean, I use a very large, national bank for my business stuff too....but I absolutely would never go to them for a mortgage.  There might be some other business owners who might suggest to you to bank at a smaller, more local bank because they might be more flexible to lend you money.  I know those large banks will often not have fees for this or no fees for that.  Anyway, who you do your business banking with is a separate discussion really but there are plenty of lenders in your are that could provide you a "non-conventional" type of loan to rehab a property.  Now, there's a lot of lenders out there - so how do we know who's any good?  We lean on other real estate investors.  So I wrote an entire post on this topic if you want to read it HERE.  Might help you in who to use.