What type of financing for this scenario
A friend of mine owns a wedding venue/equestrian ranch in middle florida, (South of Winterhaven) and is seeking to borrow against his property.
Value of venue est. 3 million. Property has 2 residential structures, lake frontage, horse stalls, pens, etc.
He paid cash when he bought it.
He has zero debt. Owns 4 other lots and 2 homes in Florida and 1 in northern U.S.
He is looking to get around 500K out, for 2 maybe 3 years.
Purpose is to invest in municipal real estate auctions. (foreclosures, tax, trustee sale, etc)
Financing type ideally: interest only or balloon.
He has had many successful businesses in the past, all purchased/operated with no debt.
Is this possible with Private Money Lenders?