Need Business Funding

[Jace Watts]

Here's my situation.

My business partner and I are wanting to open a wedding venue. I have rough financial projections and a rough business plan. My financial projections put us well above a DSCR of 1. Including all costs (land, construction, licensing, etc.), I am estimating the total budget required to fund the project is 700k.

Between my business partner and I, we have about 200k allocated for a down payment and gap money for the project.

Here is our issue- My partner has no credit score and next to no on paper income. I have around a 750 credit score, but just closed on a bank loan to build a duplex which maximizes my debt to income ratio. This rules out traditional financing options. We have been looking for a different way to finance, but are struggling.

What would be the best way for us to find financing for this project?

Side note- after exploring many land options to build the venue on, it appears we will most likely have to buy residential land under the condition that a variance is granted to allow for a venue to operate on the land, which is not be guaranteed to be approved. This process can be take around 2 months. Would a lender be flexible with the lengthy, uncertain land purchasing process?

I appreciate your feedback,

Jace