Construction Loan Options

[Jason Gallimore]

My wife and I just successfully completed our first flip.  We used a hard money fix and flip loan.  Now there is a property we want to buy, but it is a “cash only” purchase.  We have the cash to buy the property outright, but don’t currently have the cash to fully complete the construction.  Two questions: 1) Is it smart to do a cash purchase like this or would it be better to go the hard money route again if that’s our only other option?  2) Are there any companies that do a construction loan on a renovation property that the terms are reasonable? I think it would need to be about a $50k construction loan.  Any advice would be appreciated.