Taking On PML’s and Different Funding

[Ned Canada]

Hello everyone, and thanks for reading this! My wife and I have been planning our first flip for months now, learning the basics of the planning phases, finding a Contractor, lining up my real estate agent, researching materials, etc. We are actually a few days away from starting the buying process for our first deal. However, in the middle of our research, we’ve found a deal outside our normal window. We’ve been looking at using a hard money lender for our flips, since neither of us have the finances to qualify for a conventional loan. But this falls outside the scope of our lender. The margin between purchase price and ARV is too small. But it’s a solid deal, otherwise. My question is this - what’s the best way to go about finding alternative funding? We are considering a private money lender or a partnership, but being new to REI, we haven’t made these contacts yet. Anyone got some suggestions? They’re gratefully accepted!