First go at a flip—funding?

[Phil Hucke]

Going into this with high hopes and plenty of newbie enthusiasm, which means I’m probably going to get a lot of “experience “. 

Formed an LLC to run the venture as a business, and I've already bought a property for 25k, planning on a significant rehab in the 50-60k range with added sweat equity. It's in my neighborhood and I have lots of construction experience myself. Comps when finished have been going 130-160k and climbing.

I might be able to self finance by stretching my personal finances and credit pretty far, but I’d rather get a business loan for the work. With a brand new business, and myself being new to the finance end of things, I’m already seeing banks walk slowly backwards out the door when I start talking. I should be able to turn out the rehab in 9 months to a year at most.  Should I pursue a hard money type loan, or keep knocking on bank gates?  Get a traditional mortgage, even if I’m selling it in a year? Thoughts?