I see a lot of private lenders have 1 year loan terms.   

Hi all. So I have saved up around 130K. Thinking of using this as a downpayment to get more loan from Bank (Very Bankable due to my W2 Jobs). My dream is to be a part of Apartment Syndication team but despite of going...

Because there is a business in the mix you are right that you will need to head towards a business loan or private money.

Do you use a bank or private lender?

I have a very flexible private money lender who is willing to provide funds to acquire a house at auction. 

I have used findtheseller.com and Private eye.com. 

No commercial lenders will talk to you at the $20K level (about $50-60K would be the bottom end), but private money and some hard money lenders might be an option.Flipping of houses is considered a business and is therefore not entirely tax-sheltered in the IRA. 

Private and hard money lenders also want to see that you have "skin in the game."

Seems like a lot of effort for ($15000*0.03+$15000*.16/2) = $1,650.Divide $1650 by how many hours this will take, compare that to your normal day-job wage.That being said, if you want to get into private lending then it might make sense as a fairly low-risk (assuming you follow the advice of others in this thread) "learning experience," that's not crazy. 

I do have a private loan that’s now about 65% of what we paid.Thanks for any and all experience and knowlege!