It appears the lender is allowing that note to remain in place as a first position, therby allowing future advances and a portion of the 350k loan be secured as a second mortgage on that property.

What I have stated regarding lender / owner position is something I know for an absolute 100% fact as I know I have 3 children, as I know the Earth is round, and as I know man has walked on the moon.There is no harm and no crime in admitting you are wrong, it does not make one a bad person.

I should clarify my current position.

Just wondering if there was a strategic approach to this.

Understand, we loan money, so I’m obviously biased in that direction, but you seem to be in a good position, James.

Personally, if I was in a position to do it, I'd jump all over it.

In other words, will they have equity in the company (sharing the profits and losses) or will they be loaning money to the company and not having an equity position?

(if so, you might be able to get credit for the permits that were paid)Once you can answer those questions, you'll be in a better position to decide on whether or not it's a good deal.

My question is this: what are my best options in my position to parlay what I have into something more.

Of course, once you do this, you are not eligible to borrow again from the plan unless you pay up on the original note.For a person departing a position with pretty good tenure, another potential source of investable funds is a company pension plan (if your employer offers one).