Commercial Equity loan - My strategy

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ok so heres the scenario.
I came upon a 6 unit commercial FSBO mulit unit building in buffalo (128K asking), i wont go through the numbers because they are solid and the owner said hed sign a contract contingent all the expenses being accurate. but anyhow....

The owner has someone in contract who is financing the unit but had told them that if someone comes up with that money in cash in the next 7 days that he'd go with the cash offer. so he has given me 7 days to find the cash. Being that i dont have 128K in cash my only alternative is to find an investor. So i think i have a plan.

Lets just say i find an investor, who is willing to lend me 128K. I then tell him that i can re-pay him the 128 with 7.8% interest which totals him 138K in 1 and a half month time after closing. Now the way i figure to pay him back is this:

Once i purchase the 6 unit with his money i then turn around and retrieve a commercial equity loan (or is this called a second mortgage?), hopefully in 1 and half month's time i can pay my investor 138K. Now i hear that banks only give about 70-80% of the appraised value of the property for these type of loans but the property that i just bought for 128K is now appraised for 210K which the difference can well cover the line i pull out.

I then pay back the investor 138K, and i assume a mortgage on 138K hes happy im happy the owner is happy and we all win.

another thing is this, my credit is 580 and wondering if taking out a mortgage against this property after purchse is probable.

thanks for all the help!!!
keuminotti