Unique Property Financing Options

[James Alderman]

Hello BP community!

I'm in talks for a property near a popular vacation destination that I would operate as a short-term rental. I am looking for advice on financing strategies because of the uniqueness of this property. 

The Property

This is a 1.5 acre lakefront property with about 1500 feet of shoreline. The main building on the property is two-story. 3 bed 2 bath apartment on top and a restaurant/bar on the first floor. It has a wraparound bar like you'd see in Cheers. The main dining room has a greenhouse-window outcropping overlooking the lake. I think some conversions could make this into a really cool STR. There are also two cabins and a barn on the property. There will be significant renovations to the main building.

Costs

Asking price: $200k

Renovations: $100-150k

Misc: $25k

Total: $350k

Projections

ARV: $500k

Yearly Revenue: $100-150k

Timeline: 1 year until operational

Finances

I'm thinking along some BRRRR lines here. I am holding $100k that I'm ready to invest in this deal.

I would like to finance the remaining $250k with hard money, through a partnership, or probably a combination of both. Then refinance and get all that money back out.

I'm looking for recommendations of where to look further for bridge loans that could meet this need. Or other types of creative strategies that you might be familiar with. The couple who are selling are looking for a cashout. Thank you!