Hi Y'all:I'm exploring the possibility of getting into Transactional Funding and would love to hear your experiences from both the lender and borrower perspective.

Borrowed money from friends and family to pay cash for the property as the bank would not finance it until it had been remodeled, made livable, and brought up to code.

It's just not in places I want to borrow from. 

I'm a GC as well and did the math, the Heloc would save considerable interest because it would average on 33% of the balance borrowed at any one time (and thats assuming constant deal flow).  

Quote from @Lamier Guzman: @Jake Andronico what do you mean "until I need to borrow money at a 9-15%?

Then connect with some hard money lenders (you can find some here on BP as well as some who are typing this right now) and connect with them to understand their product type, what they like to lend on and requirements.Hard money broker is all numbers game of making relationships and helping those that are looking for financing, it starts out slow but if you get with a few good borrowers and lenders it can be pretty decent money to be made.As an example we paid six figures last year to HM brokers. 

Assuming you would have to permit things if you borrow hard money for reno, not sure I'd be interested in that.

Am I borrowing their money and paying them after the deal is closed?

Transfer of the Property or a Beneficial Interest in Borrower.

We lend up to 85% of the build costs but, generally, require that our borrowers have some experience with ground-up construction.