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Hard Money Borrower Lost His House Flip Project, Now What?

My business is hard money lending and I want to ask the community how to go about getting my money back the right way.

This guy was a house flipper and has defaulted on the hard money loan and lost the house. We signed documentation that guaranteed the money would be paid back by the person, not his business. We have multiple texts and emails of the business interactions showing he hasn’t paid us and will be paying us in the future as a payment plan.

This guy owes me and my partners about $350k how do we go about it the right way from this point moving forward? He states he has other houses he is flipping and will use those funds to pay us. Do we sue? How? Or what do we do?

Thanks.

Location: Business is in Wisconsin borrower is Colorado

UPDATE: We did some searching and the total indebtedness is $5,700. This is our first time dealing with foreclosure I understand the criticism. But what does that mean? Does it mean first position was paid in full and second (us) got everything back but the $5,700? Or was the first position -$5,700?

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Hard Money Borrower Lost His House Flip Project, Now What?

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