I'm working on a deal to purchase a pool of np 2nd notes and would like to use a private money lender or a jv. This is my first time trying to raise money to fund a deal so the process is both exciting & a bit nervous. Up to this point I've been using my sdira funds to purchase npns. I need $100k to close on the deal this week, but the process isn't going as smoothly as I anticipated. I've noticed that with just about everyone I've approached, both individuals & companies, they're so unfamiliar with notes that they're simply not interested. They're intrigued, but find it too risky and...well they'd rather pass. If I were doing a fix & flip or wholesaling a deal, they'd jump all over it.
Can anyone offer advice? Are there any companies that would lend on a note deal? I know that hard money lenders typically won't. How do you raise private money? Is there a quick nuts & bolts education/explanation that I could give them in about 2 minutes that any of you use?
