Too Good of a Deal?

[Jeffery Neal]

I have started applying some of the the things I have learn from BP and several books. I started driving dollars. I identified two properties, sent them letters and now have one under contract. The property had a house fire and the owner has received the insurance money. He is motivated to sell because the city is holding 1/4 of the insurance cost to insure that the property isn't abandoned.  

Here are the numbers

ARV 140k

Repair Cost 60k

Purchase Price 15k 

The previous rehab went over top of the lath and plaster with drywall so there was no damage to the structure. Only actual fire damage is in the kitchen and the rest is smoke damage, 

I contacted my first hard money lender and because the purchase price was too low they weren't interested. If I paid more for it they would lend me the money? I found a really good deal and because I was able to negotiate if for a good price now I can't get a loan. I will look for other lenders but I wanted to get any advice I can before I do. 

Does anyone in the St. Louis area know of a good hard money lender?