1099 Tax Issue Question

[Ryan Collins]

I’m hoping someone can guide me in the right direction. I used bank financing via a Fannie Mae Homestyle Renovation Loan. Per loan guidelines it is in my name and could not be made to my business. I had a contractor who was paid out through this funding. Am I going to need to furnish him a 1099-MISC before the end of this month? 

The intent of this property was to be my first flip -  but I have not listed it yet nor is it being rented if that’s of any consideration.