I have a partner who owns land that is worth 2 million,  He has 1 million loan on it.

He is asking me to partner with him on the land to develop.  In order to partner with him he wants me to contribute 1 million to pay off the loan to be a true 50/50 partner on the land so we can develop it.

I don't have 1,000,000 in cash lying around so I offered to leverage one of my income producing properties as a lien to the bank which is worth about 1 million.

The goal is to roll over his 1 million dollar loan into a 5 million loan which we would share 50/50. 4 million of that would be used to develop the land.

He needs my income and assets to qualify for a bigger loan, and I feel like my 1 million of income producing assets would suffice in the form of leverage.

The disagreement is that he feels I am not bringing any money to the table in this scenario to make it a true 50/50 partnership.  Is he right or am I right?