I'm in a bit of a conundrum. My wife and I purchased 10 acres in Rockford, MI back in January of 2021. We closed on a construction loan to build a 5000+ square foot barndominium. However, we picked the wrong contractor and the wrong bank for this project. The bank over advanced the contractor, he tried to walk away with our funds, we got him to come back, yet he wasn't able to satisfy the bank's stipulations and now the bank has pulled funding. There is more to the story, and I can tell it if an investor wants to hear it, but in the meantime I'm looking leads on who to talk to that might have the stomach to help me out, or give me some solid advice on my next move.
I have a list of all the work completed, the amount we have into the project, plans, renderings, and a presentation of where we are. I have a company working on a solid cost to complete. I'm hoping to get hard money to complete the build and do a cash-out refi. Another option is to complete the build and sell it. The last option is to dump it. If there are any other options that I'm missing I'm open to hearing about them.
Thanks in advance,
Gary
