90% LTV - Are those days long gone?

[Eric McCormick]

A business partner and I just got into small apartment building buying (or are trying to). We have been communicating with a broker who has been telling us we can get in with 10% down for months. We closed our our first deal in January but got a 5 year contract so didn't need the broker there. In the meantime, we had another offer in on another property that is close to foreclosure. We negotiated a very good price, the owner was fine with it, and after about 2 months, the loan servicer came back and agreed to it. We knew going in that because of the other deal in January, we'd only be able to put 10% down. As recently as Monday, broker said no problem, he'd have several options for us to choose from. On Wednesday, he comes back and says no one will touch it for less than 30% down. I know we can find a way to get it done with 20% but that is not really an option. We'd love to get a private loan for the other 10% and pay it off over like 3 years. Is something like that an option (at a rate that is somewhat reasonable) and if so, where do you find investors? Any other creative options or are we better off holding out for another contract deal or saving until we can put 20% down on our next deal? I do hate to pass on this because cash flow is good and we can get it for a lot less than asking price (and the price it just sold for 3 years ago). Any thoughts would be appreciated. Thanks.