I would like to use it to collect payments and track bank transactions but I am concerned about security. 

Personal loan for the rehab.

I found a bank that will give me a loan against the note.

Are there very loans I would have to use?

@Ravi KaruturiRavi, a Project with a $10M “all in” cost will typically support a 70%-80% loan to cost (LTC).This means that you can borrow $7M-$8M which means that you will have to invest an equity infusion of $3M-$2M.More fundamentally, if you are asking a question like this, your priorities need adjusting.Raising capital from whomever, and especially from friends and family must come after you have acquired and can demonstrate the skills necessary to build a $10M ground up development.I believe that if you pursue a plan to raise the equity required that you will find it very difficult to secure bank debt without a track record and or the skills noted above.Feel free to reach out to me if you want to talk.

Hi @Somesh MukherjeeFellow lender here - Not sure where you are in the process but as Matthew said - location is top priority, not just in terms of the tenant pool but depending on the loan program you're seeking (say DSCR), the comps in the area can also impact your appraisal and what rate and term you'll qualify for.

Eventually, someone looks at the Move Out Documentation and decides the fate of a security deposit (again, with significant legal consequences) ...

My partner is a commercial lender and is did the hard money loan for the purchase and is working with the new buyers on a loan.

I have no experience in commercial loans.

And the bank will need a contact person for security reasons.