Need help with financing - hard money/private lender NC

[Justin Tahilramani]

Hello Everyone,

Im working on putting an offer in on an REO that is cash only. The house needs about 10 - 15k in repairs. Ask price is 66k and ARV is around $115 - 120k.

House is a 3/2 built in 2001 - approx 1300 sq ft in a good neighborhood. Rent would be approx $950 - $1000/month.

I normally would just pull out the equity in one of my other properties, but I don't think that will fly since they are specifically stating cash only. Even if I can get them to agree to a 30-day closing - I can't provide POF until I close on an equity loan.

Ive never used a private/hard money lender, but I don't think I have much of a choice in my present situation. 

I have excellent credit and would be looking for something with reasonable terms. Does anyone have any advice? I would like to buy and hold on this one.....

Thanks,

Justin