Hard money for equity?

[Arjan Manwani]

Greetings all, so I'm a beginner investor in a precarious situation, and would love hear your feedback on my situation.

So under contract, is a great deal that fits perfectly my criteria, 20% down on one lot with two houses, both cash flowing beautifully. Since I do not have the cash, the 20% down toward one bank is coming from a HELOC from another of my rental properties through a second bank with whom I've done business for over fifteen years.

Problem: Second bank is taking substantially longer to close on this HELOC and I am afraid seller will not want to extend purchase contract time.

Question: What does a contract look like, which says hard/private money is given in order to make the sale go through (without negatively affecting my DTI) and also says that repayment will come from a lump sum HELOC cash from that second bank? Thank you!

Arjan Manwani, Louisville KY