So, I should just refi after the construction done and conversion it to  perm investment loan?  

I haven't closed one personally with SoFi but from conversations it sounds solid and well reviewed. 

In the beginning, I mentioned a few and then they did not leave those during the process and took control of the conversation.

Preliminary history: Land originally bought vacant and with no entitlements for $1,500,000 (free and clear).Entitlement planning costs: $250,000Construction Documents costs: $350,000Total All-In Expenditures so far: $2,100,000 (land + soft costs) After obtaining entitlements and general market appreciation, the value of land is indicated at roughly $2,500,000Basic Rough Math (not actual numbers): Cost of Construction: $10,000,000Market Cost of Land (free and clear): $2,500,000Total Project Cost: $12,500,000Financing Needed: $10,000,000 (assume all FFE, interest reserves, contingencies, hard costs, etc. are included)Financing Assumptions: Loan to Cost: 85% (SBA)Maximum LTC Loan Amount: .85*$12,500,000 = $10,625,000Equity Required: 15% = .15*$12,500,000 = $1,875,000 (Equity in land exceeds this)Actual LTC = $10,000,000/$12,500,000 = 80% Based on early conversations with a lender, they indicated a cash injection would still be required.

It already costed me 100k for only one unit in the past (before covid prices)Beware of one important thing, you will need to pay QST and GST right after the conversion.

Light rehabs with lower holding periods can work at higher all-in %'s since your exposure to risk (via timeline) is reduced and your holding costs are reduced on quicker flips where conversely, you may need more room for a full gut to the studs rehab as your timeline of holding period will be much larger (as well as your risk factors). 

I've been to a few REIAs in San Diego, some good, but would be great to have some focused conversation with like-minded investors that aren't selling...

Sounds good enough to warrant a conversation that's for sure! 

Based on that you have two completely different approaches, if it is a former it really comes down simply to income you and your partners have and a 25% down payment (assuming you are not going to live there) for a conventional agency loan (FNMA/Freddie) and you will have to put it in your names as no mortgage banker will finance an LLC/LP (there are ways to get around it after you buy it in your name and transfer into an LLC without triggering a due on sale clause but that is a different conversation).If you are talking about a multifamily loan, you can get a down payment for as low as 15% for certain product types (like FHA multifamily) but you would need a loan amount of about $2 million for most lenders.

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