One has a hard deadline otherwise the buyer may lose the home and the lender may lose the ability to provide the loan.

Surprisingly, I discovered that I was eligible for a private loan to obtain a home mortgage.

That would be a commercial loan.  

Buying personal property or paying an heir to cooperate may be acceptable as they are not a borrower on the loan.

I know of FHA loans and that seemed enticing, but in my area (St.

Hello, I am a new investor and I am looking to use a hard money loan to purchase my first rehab property.

I would be looking at about 50 K loan and can go  upto 12 % interestTo be clear this is only for future ..most probably next year when I start to scale 

(the same loan you likely used to buy the now rental and your current primary) There is no reason no to use a conventional loan if you qualify because the rate AND terms will be better with a conventional loan then a DSCR. 

Is there any other loans that I should apply for?

Unless I am doing something wrong.Lets say there is no loan and just one investor for arguments sake.the property is $1mil   from what I have seen average NOI for a $1mil property is about 50k a year.6% of 1 million is $60Kso clearly I am misunderstanding something or just being completely stupid.Could someone explain this to me?