Conversion Reno Project - Looking for Partner or Financing Option
Hello,
I am in the beginning stages of my very first real estate project of converting my two family home to condos, so am still very new to understanding the best options for securing financing under favorable terms over a short term project. I have already drawn on a personal loan and am incorporating available money in my HELOC as part of my budget.
Originally, my partner investor had made a commitment to provide about $50K of the needed capital in the project. I was just informed tonight that he is no longer going to be able to participate in the project due to a change in his personal circumstances. This leaves me in a very difficult position and with a financing gap of about $40-$50K. I am trying to figure out any alternative options for financing, or creative, out-of-the-box ideas for how to fill this gap. Or, I'm not really sure how to tap into private money sources that are out there. Any and all suggestions would be immensely appreciated!