Private Money & SDIRA - Borrowing Prior to IRA Setup

[Account Closed]

Hi BP. I am in a bit of a pickle.

I am awaiting a response from my custodian and thought I'd throw this to the community for discussion.

A wholesaler has a contract I want to acquire and requires a $3k non-refundable deposit. I have just initiated a self-directed IRA that is still processing. It will at be least another day before the account is finalized and at least 2 more before the rollover happens. I am planning to borrow private money to pay for the property.

The IRA contains the money I want to use for a down payment to the wholesaler and to the lender. I am on a time crunch because I don't want to lose the opportunity.

Is it possible to borrow the $3k non-refundable deposit from the private lender now and pay him back at the closing table with the IRA funds?