Getting a Spec Build Funded in CA

[Matt K.]

I've identified what I see as a good chance to do a spec build to fill a lack of inventory in the local market. The upside of this is good, comps are fairly easy to establish, and the land costs aren't terrible. Now, the problem is I can't for the life of me get a past the initial phone call to HML because of the amount of capital required upfront. So I come to you bigger pockets in hopes that someone has a creative idea that can help push this forward.

Here's what we are working with:
Land: ~150k
Construction (~900-100 sqft): 300-350/sqft. This doesn't need to be high end construction.

Comps: A safe number would be 700, Remolded homes same size lot/home go for more than that if remolded.

Now here's what I bring to the table:
20k cash
~Out of state property worth about 200k, 68k left on mortgage (was a 1031). 

Short of getting someone to partner with I'm not sure I have any other options? It seems I can't get credit for the expected value of the home, can't really use my equity because it's not enough. Only other thing I could think of is ask land owner to delay getting paid till project is done, but that doesn't do me much good either (or does it?)