That way you have means to go after the contractor and another company will take over in the case of default (i.e. contractor file bankruptcy, not able to finish the work). 

But one you can google is Ken Harter  here in Oregon the largest bankruptcy in the state at the time.. he had assistted living facilities nationwide and all his deals were done syndication style. 

What sucks is borrowers always say "oh it was paid off, we don't owe it anymore", "oh we went through bankruptcy, it's gone" and all sorts of BS.

Instead, he let it go into foreclosure, then declared bankruptcy.

I have a client who's looking to purchase a condo, but due to a bankruptcy that was filed 6.5 years ago, we have not been able to get financing the conventional way.He's seeking short term lender, 16-18 months, and willing to put as collateral, warehouses that he owns valued in the 850-900k range.Details:Purchase price: 490kDown payment: 122,500Loan needed: 367,500Condo is located in Miami, his warehouse are located in South Florida.

REI is a marathon, not a sprint.The credit aspect is one of the reasons to establish your business entity structure FIRST, BEFORE you acquire assets in your entity(-ies): establish their buying power so your personal credit plays a smaller role in the process.One of the leaders of my investment group started out ten years ago with a 480 FICo score including a personal bankruptcy and two evictions (he was out of work for over a year).

I filed for a bankruptcy about 6 months ago.

Seller further warrants that there is no material or other known defects or facts regarding Property, which would adversely affect the value of Property.NO JUDGMENTS: Seller warrants that there are no judgments threatening the equity in Property, and that there is no bankruptcy pending or contemplated by any titleholder.

That attitude will only lead you to bankruptcy.

Bankruptcy ch 7.