Looking for a long term loan, private lender

[Quinton Oake]

Hello, I am looking for a private lender that is willing to take on long term loans. I am covered as far as my fix and flips/construction right now but they aren't willing to take on longer term loans currently. If you have an appetite for 30 year type loans and willing to accept rates at 7% currently. Please reach out. I would also be willing to have a contract that would pay pre-payment penalties for 10 percent for years 1-5 and then 5 percent for years 6-10. I am a broker but would prefer to pay a person rather than a corporation on my personal investing. 

[Erik Estrada]

Quote from @Quinton Oake:

Hello, I am looking for a private lender that is willing to take on long term loans. I am covered as far as my fix and flips/construction right now but they aren't willing to take on longer term loans currently. If you have an appetite for 30 year type loans and willing to accept rates at 7% currently. Please reach out. I would also be willing to have a contract that would pay pre-payment penalties for 10 percent for years 1-5 and then 5 percent for years 6-10. I am a broker but would prefer to pay a person rather than a corporation on my personal investing. 

 The current market rates in general are hovering at 7%, Why would a private money lender lend at that rate on a 30 year loan? 

Also, a person would definitely not have the capacity or sanity to lend at 7% for 30 years... Unless it's a billionaire that is looking to do someone a favor. 

Like others said, your best bet is finding a DSCR lender that will do a 1 year PPP at a 7% rate (possible with a few point buy downs). I don't mean to be insulting, but private money is not cheaper than conventional financing unless you are getting a loan from a relative or close friend.