Looking for loan for upfront purchase costs

[Steven Bialecki]

Hello,

I'm a new member and avid reader/listener of biggerpockets.

I recently came across what seems to be a great deal for my first BRRRR property.

I have contacted a few hard money lenders and after doing the math it seems that I will need 60k upfront available.  This would cover 30% of the purchase price, closing costs, underwriting fees, legal fees, appraisal fees, background checks, 2.5 points, full-year taxes, and insurance, and the full year's interest-only payments upfront (returned for the unused period) as a first-time investor.

I have about half of that I am willing to use since my wife and I are about to buy our first home in AZ and am curious about other methods to finance the other 30k?  

Would it be possible to offer someone 12% interest for a 6-month loan of that amount, and offer them a second position on the house?  I'm not sure where to find a lender like that?  I was looking at crowdfunding too, but don't know too much about it.

The numbers:

280k ARV

125k purchase

50k 3-6 month reno

hard money loan 150k 10.5% interest, 2.5 pts, 3k in fees (appraisal, app, background, closing, legal, underwriting)

cash-out refi 5k closing costs, 70%LTV, 6% = 196k which would cover all of the costs and leave nothing in the deal.

short sale, good foundation, and roof, in need of mostly cosmetic work. located 5-minute bike ride from where I went to college (which is notorious for not having enough housing) and a large hospital, 3k/mo rent is very doable and with a 70% cash-out refi, the loan would be like 1200/mo, and another 300 for taxes and insurance.  After property management, vacancy, cap ex, and repairs of about 750.  This would leave 750/mo cash flow.

I am located in CA and this is in NJ, but my parents live nearby there and are retired property managers who can help oversee the reno and manage the property afterward.

I am very anxious to get started, but don't want to pass on this and have to wait another year to save another 30k to finally get this started.  As they say, it's time in the market!

Any help is much appreciated!  Thanks!