Financing

[Matt McCourry]

Multi-Family Pros,

I currently own several small multi-family properties with partners but want to expand.  My partners are hesitant although the deals work and the numbers check out on several small properties I have in the works.  Our local bank assured me that if I could come up with 10% down I'd have financing no problem.  However, when I say I am flat broke, I am flat broke (personally, not my small company).  All my assets are preforming but I don't want to take any cash out of the reserves to finance new acquisitions...  

Does anybody know anyone who will make private loans so that I can finance down payments?  I think that several of the deals have enough meat on the bone for this type of financing.  

Also, helpful advice and tips from seasoned multifamily investors is always appreciated.  I know some of you must have been in this situation before?  Do I try to seek new partners? Or do I look for alternative financing?

Thanks,

-Matt