Creative financing help

[Kevi Murphy]

I am looking for some creative financing help. I have a family friend who wants to sell a 5 unit (4 1/1 and 1 2/2) beautiful brick apartment home in Atlanta. I think I can get it for $1,100,000 and it is probably worth close to 1.3 to 1.4. I am short on cash and probably cant put anything in since I bought 2 condo's and a multifamily. My brother who is my partner also owns a a few properties is also low on cash. Our lender said we need 75% loan to value so we need $275,000 to put in. We have a friend who would be willing to put 100k in and be equity partner (so 3 of us would own it 1/3 each and he would not charge interest). We would still be short 175k. Is this a normal lender LTV rate? If someone gave us 6% on 175k we would make $500 a month profit after tax, insurance, water, mortgage, and paying the extra lender at 6%. Is there another way to do this? It is hard when you have good deals but no cash and have to think outside the box. Just looking for guidance since these are the facts. Maybe I found the right way? Ideas?