Do you have friends who live in a condominium or an apartment with a nice clubhouse? If so, they may be able to rent it for you inexpensively.
Check out civic/religious/educational institutions which may have a large conference or meeting room.
Are there small hotels which may serve free breakfast to guests but do not have a real restaurant? If so you may be able to rent their breakfast room. Also, some small hotels may have a meeting room -- perfect for 40 or 50 people.
Finally, think about family restaurants which may have a nice room that can be separated from the rest of the restaurant. Your guests could order off of the menu. This is frequently far less expensive than catering. Ron
Ronald G. Shapiro, Ph. D.Education by Entertainment