Looking for private lender/ investor, asking for best strategy. Please help

[Andrew Yip]

Hi experts,

I would like to ask for the best strategy and hopefully also some pointers on finding private investors (referral would be greatly appreciated too).

I just won an online bid about $600k. The property has to be purchased all cash within 1 month.

Problem is that I only have about 320k cash. So I need about 280k -300 k to cover the balance.

I have shopped for hard money lender.. and most of them charge about 2-3 points with about 10 % interest. And most of them require appraiser to come and value the property. The problem is that I don't have access to the property yet.. and they won't let me send the appraiser.

Also I don't mind 10% interest but 2-3 points is very high.

So my question would be

1. What would be the best option for my scenario? (more economical option that I could do within this 3.5 week time)

2. Where can I find private investor/lender who would want to work with me?

3. Since I'm new on this... what is the collateral when working with private investor or lender?  will the title be split between me and him ... then after I pay him back.. it would change the title back to me?

Thank you very much for your help