Tell him that you are running out of funds and you hadn't planned on the extra 20% he's charging on each bill. 

The payments are generally more than your rent with the extra amounts going to the down payment.

We had to enter in holding costs, holding time (time value of the money), ARVs, rehab costs, a contingency reserve (a little extra to cover unforseen stuff), a reasonable profit margin, etc to get to a "Strike Price" as we call it.

If you feel bad and want to save people money, start with a free pre-screening.

It is a complimentary strategy to pull some of your money back and hedge your bet. 

And these would generally be 12% so you blend the 8% bank money and the 12% private money to get your rate.. 

Quote from @Timothy Frazier: Is it a bad idea to use a hard money loan as a downpayment for a turnkey property?

With some more math, you’ll see that the extra amount in dollars is not that much compared to the total amount of interest paid.

Save money for the down payment. 

Congrats and knock out that extra debt you accumulated so you can save up for STR #2!