Cash-Trap

[Dustin Bowersett]

I'm currently renovating a 3-unit property in Downtown Orlando. The first unit came in over budget, and now we are going into the second unit. To remain liquid, I'm considering putting a small amount of debt on it.  I've been operating in all cash, and for various reasons can't take out a conventional mortgage. 

I paid $145k for the property, and it would appraise around $200K as is. Currently zero debt on it. Title held in the name of my LLC, which I'm the sold member of.

Thoughts on borrowing $30k to $50k in hard money? Where's the best place to go?