Private Money for a Multifamily Down Payment?

[Nathan Lenahan]

Hey there BP!! 

Has anyone had luck using private money for a down payment on a property?  I'm in north Texas (DFW) area and am trying to figure out my options to raise the cash to close on a deal.

Here is my situation:

Just got a 35 unit complex under contract with a partner.  I need to bring 130K to the table but don't have that much in cash at the moment (I'm starting to build up cash reserves again after a business deal went sideways).  I have great credit (750+) and very strong income.  We have deal terms with a local bank that is familiar with the property (4.5%, 25 yr AM, 5 yr term). The property will cash flow ~4200 month as is.   

I could go get a few personal loans to cover the down payment but I'm concerned it would put the deal in jeopardy from a credit/financing standpoint.  

Any thoughts on options here that are more off the books from the bank's perspective? 

Thanks!

[Caleb Heimsoth]

@Nathan Lenahan your bank probably won’t allow you to borrow the down payment. I would clarify that part first. It doesn’t sound like you’re in a position to buy something Like this