Financing a Portfolio Purchase

[Wendy Boone]

We have an opportunity to purchase 5 lots in a single subdivision (off market) four of which are vacant and one has a partially finished spec home (closed to the weather) that is currently under construction but won't be finished if we purchase the portfolio.  I'm looking for ideas or suggestions on how finance this project.  

Details: The seller is willing to carry 350K on a 700K purchase, and we have a builder lined up to finish the existing house plus build spec homes on the four remaining lots.  We intend to presell the four remaining lots, and have a hard money lender lined up to fund the construction. These homes will sell for between $400K - $550K based on current comps in the area.

 I'm looking for a way to finance $250K out of the $350K the seller wants down on the deal (we have $100K to put into the deal.)  Any suggestions are appreciated!

[Tyler Gibson]

@Wendy Boone why are you not using hard money to fund the purchase and the construction?