Converting Private Loan

[Elvija Haxhaj]

Hi,

I found a deal for a house in New Jersey. The owner is a friend who wants 150k Cash. The house needs some work so I was wondering is it possible to get a loan from a private lender to pay him the cost of the house instead of using my own money and then convert the private loan to a conventional loan? Help I’m new to this but hear that some people do certain things like this where they don’t have to use up all of their funds.