Financing options for purchase and construction

[Saaj Patel]

Hello, 

I am looking to fund a project. The property is currently owned by the bank due to foreclosure, but the deed is now clean. 

I have a relationship with the previous owners of the property, who in turn, know the bank. 

I would like to purchase this property before the bank puts it on the market and I figured that I can strike a deal with the bank and have them do the financing for this property. 

The purchase price is $560k 

the rehab cost is quoted at $150k

What financing options are there other than hard money loans which will fund both the acquisition and rehab cost?