Using Private $ for Down Payment with Conventional Financing

[Brian Padgett]

I'm working with an investor who's holding an unlisted 6-plex with great cash flow. I can pick it up for roughly 75-80% LTV. My challenge is that all of my capital is tied up in other deals/reserves, leaving me with little to to put down using conventional financing. I've looked at using private $ for the 25% down payment but that leaves them in 2nd position which most smart investors won't do. Hard $ doesn't seem to be an option either as nobody wants to loan the full amount. The investor holding the property can't do seller financing or a carry back on a 2nd because he needs to re-allocate the funds to another project, thus the reason he is selling.

I'm looking for any creative ideas that anyone can throw my way? I hate to lose this deal over funding/financing. I would prefer to do the whole deal using private or hard money because it frees up cash that I don't have to keep in reserves to qualify for conventional financing but I'm open to ANY ideas anyone has.

Thanks!!
Brian