Are you working with a national lender or a local?

But a national bank that did come up with PenFed.  

This is certainly part of why Sacramento is predicted to be one of the nation's hotter markets. 

good luck and happy hunting for cash/equity partnership, if you can open an heloc or line of credit that would be among your next quests, to fund the deal on own without a partner would be my next step, you want to maximize your profit margins whenever you can, & welcome to the BP nation, keep posting but most of all keep sharing

@Scott Kim Have you read Start Your Own Corporation by Garrett Sutton?

(Steelers Nation). 

Not ideal, but a potential fix could be forming an LLC treated as a blocker "C" corporation, obtain the EIN, contribute the real property into the C corp, then sell using the C corp.  

welcome to the BP nation, this is a great platform to network with likeminded individuals such as yourself, take the time to advantage of all that it has to offer, educate, locate, due diligence, and launch, keep posting but most of all keep sharing

If not, it may be helpful for you to talk to a corporate lawyer in the state where you plan to form the entity to make sure you get the right documentation and understand the limitations of entities under applicable state law (particularly as the limitations relate to limited liability).

A single member LLC can elect to be treated as a disregarded entity or as a corporation.