No Money Down Multifamily Refinance (Questions)

[Mike Dusenka]

Let's say I use a private money lender to fund 100% of a 5+ unit deal and they get their money back plus a percentage. However, when it comes to refinancing do I have to put money down for the new loan since I purchased the property with someone else's cash? And more importantly, how would I calculate the mortgage payment? Need to know so I can subtract from the NOI.

Thanks!