Recommendations on setting up a JV arrangement
Need some advise / recommendations please. I have a friend who purchased a distressed property with cash and is looking for a hard money loan to complete the rehab. She would like to pull out most of her purchase cash and finance the rehab with a HML. Most lenders that she has approached wont lend to her because this is her first BRRRR; no experience. One particular lender, that I use, will give her the loan if my name is on the note, using my experience instead. Im hesitant because I dont want it to interfere with my ability to secure financing in the future and frankly I not interested in taking on the risk without any potential reward.
1. Would consider a JV where I reap some of the financial rewards for helping her through the process and helping her secure the loan with my co-signature. Thoughts?
2. What are some options regarding structuring this deal and the steps I need to follow?
3. Any other options worth considering?
Thanks in advance!