Small Lender lending with a 401K

[Suzanne Lee]

I have a question. I am a small lender just lending to investors for flips and refi's. I need to ask anyone that does the same type of lending a question. How long do you hold money for if someone asks you for a loan and you hold the amount that they need? My investors usually close within a month but recently had someone doing a short sale so the process took two months just for them to agree on the sale amount with the bank. I havent charged any fees in the past but I feel my money is just sitting there not making any money. How long do you hold? Do you charge fees during the hold time? How do you handle these situations. I know banks hold money when approved for loans but that is different than me. I also dont know if I am considered a private lender or hard money lender. I think I am a private hard money lender! :) Thank you for any input!