Ideas how to make this work

[John T.]

Hi there, I hope that some experience guys and gals out there can help me out with ideas of how to make a possible deal work.

A wholesaler called me this week with a deal, that I am actually interested. First off, I never worked with a wholesaler before, so I am a little bit intimidated, but I always willing to take action, that does not paralyze me. The problem is that the wholesaler wants the cash right away for at least the value of the property, which would be 130k. On top of that would be their fee.
I do not have that cash right now. I always go for traditional loans, so I’m gonna be able to get the 20%. I’m positive, I can have a traditional loan, but that would take about 5 weeks, and obviously the wholesaler will not wait for that .

I thought about going to a hard money lender to get the cash right away. That would be ideal if I still could refinance that home under a traditional loan after 5 weeks, but my understanding is that if go with a HML, my bank would make me wait 6 months until they can refinance the house. That would be really expensive for me, since I am sure right now the HML rates are very high, plus points and other fees. That would make the deal terrible and would not be worth it.

I was wondering about if the wholesaler would work with me by leveraging seller financing to me, I would pay their fee right away, and then in five weeks, I would refinance the house with my own lender.

However, in order to do that, the wholesaler would have to fork the price of the house upfront to the owner, plus then wait for me to get the loan. Why would they do that?

Also, I am not sure, if when there a seller financing deal my bank would not require 6 months of ownership.

Did someone have a similar situation, and came up with an idea or structure that worked out for both, the wholesaler and myself ?

I understand that for the wholesaler to go the extra mile, I will have to go the extra mile myself .

I really want to make this work, I know the property well, and I know there is not a major repair to do, most likely some TLC.

So in conclusion these are the facts:

1) I know I will have my lender financing the deal, but on their time frame (about 4 or 5 weeks)

2) I can get upfront the wholesaler fee, and down the road I will be able to get the 20% down payment for the conventional loan in 5 or 6 weeks

3) I would not mind to get a hard money loan, but only if I have to hold the HML for one or two months, because holding on to it for 6 months or so kill me, I think.

How can I do this deal attractive for the wholesaler to help me work it out and make it happen???

Thank you sooo much everyone!!!

Please, any ideas of how you did would help me a lot!!!