450k multi-tenant office bldg (1/3 occupied by owner's business)- bought for 350k over 10 years ago - NO mortgage
700k+ residence - 200k 1st up to date
250k-300k cash on hand (verifiable)
20+ year professional
Self-employed (through professional S-corp)
All payments on time
Illness (physical, now resolved, details on request) and equipment expense create relatively weak personal income for 2010-2011. Income trending strongly up 2012 (verifiable with bank statements). However, the real problem is approx 300k prior years taxes owed (no liens at this time). I could pay with current reserves and maybe personal loan or, worse case, cc cash advance, but then would have zero available to cover personal and business monthlies and/or contingencies. I'm seeking at least 200k+ bridge (200k-300k), preferably interest only for at least six months (option for 12 preferred) which I can cover easily from current income, to combine with cash on hand to cover tax debt. The relatively weak '10-'11 financials make a conventional difficult the tax due makes it impossible as far as I can tell. The Catch-22 is that if I could tap into the approx $1MM combined equity, I could solve the tax problem. With taxes cleared and income strongly up I can get a conventional by the end of the year to pay off the bridge loan. Alternatively, I already had plans to sell the residence (downsizing after divorce and kids in collateral) and could use the cash out for the payoff. The 200-300k would be over-collaterized to the the point where risk approaches zero,so the situation is frustrating.
Thanks for any advice