Seeking commercial loan - Bad credit but 100% equity
TLDR: I screwed up my credit in one business previously and need to borrow roughly 50% on my commercial property that is currently occupied by my wife's retail shop to pay the tax lady

I'm a contractor with a major Fortune 500 company.  I have been for several years.  As of last year, I had finally about caught up.  I was successfully paying my repayment plan with the IRS and things were starting to turn black for me.  I'm looking to retire soon and decided to sell off about half of my operations.  Everything was good until their funding fell through and now I have been covering the situation out of necessity for the past year.  There is a lawsuit to be had, but not until after the Christmas rush.  If they pay me, it will be 280k.  If not, I will take back the business that they have been operating worth roughly 1.2m.

I am looking to sell the remaining half of my operations to my present manager but need to get an equipment situation resolved so he can operate profitably but the supply issues are making this not feasible in the short- to medium-term.

I also am anticipating a payment from the IRS within about 6 months based on the current turn-around time of roughly 450k.

Now to the loan.  In July, I purchased a commercial property in the historic downtown of my town for $170k.  I paid cash because I thought I was being paid by the guys buying the FedEx routes but by the time I discovered they didn't have the money, I was too close to the close date to get financed with my rotten credit.

The property is owned outright.  We have made minor improvements to the location itself (flooring primarily).  We opened my wife's retail business about 6 weeks ago and it is doing well.

But now the tax ladies are circling as I have fallen behind this year on my taxes with the first business.  I can resolve the situation with the IRS for roughly 30k and with Georgia for roughly 20k.

I need to borrow 50k and have a building worth $170k that I am more than happy to use for collateral.  I have not found anyone willing to take the deal yet, so I am seeing what is available.  I will not accept business equity participation.  This is strictly available as an low percentage loan against a commercial property.  My expectation is to have it paid off entirely within the year upon receipt of either the payoff the new guys owe me or the Employee Retention credit that I will receive early to mid 2022.

In the meantime, I am capable of making monthly payments from the proceeds of the new shop with no troubles.
[{"id": "hmgo0jx", "text": "You're most likely looking at a hard money loan. They will do 40-50% LTC, but you're rate will be around 7.99%.", "replies": [{"id": "hmgzc1k", "text": "Yeah as a commercial lender this is not a great situation my good man.  Hard money might just look at LTV and then be agreeable just be careful!", "replies": [], "depth": 2}], "depth": 1}, {"id": "hmgq8m9", "text": "&gt; This is strictly available as an low percentage loan against a commercial property\n\nHard money loan at 8 - 12% or better", "replies": [{"id": "hmgtz31", "text": "can you do private lending? it would be higher rates but secures your financing and once the one year term has ended the bank will look at it, so long as you are in good faith, and say well they have showed the can finance it at a much higher rate.", "replies": [{"id": "hmh6rc7", "text": "I think private lending is actually what I am looking for.  Someone who is willing to ask the questions that I know I have to answer and realize that I'm actually in a decent place from an asset standpoint, just not credit-wise or cash on hand.  My real net worth is probably about 1 million, I just need someone to look past the credit score.", "replies": [], "depth": 3}], "depth": 2}, {"id": "hmh6kl2", "text": "By low percentage, I meant loan to value percentage, not financing charge.  I know that I will be paying a higher rate.  I'm ok with that, honestly, as I know that there is money coming in the upcoming year.  I just need to get over the hump.  I'm fine with 10% as I know that I'm not coming from a position of strength.", "replies": [{"id": "hmh9u2d", "text": "Local investor group(s). I am sure there is a bored dentist or other local business person with 50k they would be willing to shell out for 10%. \n\n&amp;#x200B;\n\nBarring that, have you walked into your bank?", "replies": [], "depth": 3}, {"id": "hmh9xoj", "text": "Yeah its common to and can't blame the blanks for not taking the risk (though it  is weird that the all time lows of borrowing for banks have been met with more rigors lending qualifications) you may be looking at 10% foplr the first 10- 11 months of the term and an increase to 14 or so the last month. But you can it is a very powerful counter leverage for banks becuae you turn to them and say look I've serviced the depth and interest two fold on this asset", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]