The macroeconomics are blowing up and going parabolic - population growth, job growth, and companies moving and developing here.

Is there a pre existing loan with that bank with either of you?

You can talk to the bank about a loan; however, my bet is they will want some form of contract and scope of work and will only pay him at set milestones.

Quote from @Vince Scipione: Standard would be an FHA loan for your situation more than likely.

I've also used traditional loans through regional banks and a few SBA loans. 

This means sizeable monthly payments, but if utilizing with Value Add you can pay off the loan without a pre payment penalty at any time.Hope this helps!

We're in a small town so we ask our bank loan officer who is involved in the community for a CPA reference.

Certainly partnering with companies that have consistent replacement properties available makes sense if the properties meet your investment guidelines.  

Check out competitors of this company.

Hey Account Closed - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.