private/hard money in Connecticut

[Jason Richards]

Any idea how quickly private money can be secured for the purchase of a home on auction.com for an unknown person like me?  I figure the odds are very slim, but I'll post this anyway so that I can learn.

My current home is under contract and set to close in October, but a great house came up on the MLS that my wife and I liked (for owner occupancy), and we were prepared to make an offer. It turned out to be an REO and up for auction on auction.com, with cash purchase only. Sadly, we don't have the cash. My plan was to find some private funding for the purchase and the rehab (it needs some work like a new kitchen and 2 new bathrooms as well as cosmetics) and then do a conventional cash out refinance to pay back the private lender. Another strategy would be to sell it if the refi wouldn't work for some reason. I have done due diligence on the property and have a rough estimate on rehab costs and a good idea of the ARV. While I have never done any flips before, I have bought a couple of houses in the past, worked for several years as a residential mortgage underwriter, studied real estate strategies for the past 8 months, listened to over 200 Bigger Pockets podcasts, and currently own my own chirorpactic business for the past 15+ years. I feel like I have a good sense of the process and what I am getting into. The house is in my current neighborhood (New Haven county, Connecticut), which I am intimately familiar with. I feel like it is a good solid investment and will be a nice home once rehabbed. The auction is next week, so time is of the essence. Is it even possible for an unknown like me to get private money that quickly? Any information, help, suggestions, encouragement, etc. would be appreciated!

[Don Konipol]

@Jason Richards

The more capital contribution a borrower invests the more likely a private lender would be interested in financing the balance. The difference in successfully finding a private lender to finance $150,000 on a $300,000 purchase and $299,000 on a $300,000 is night and day.