!st Private Lending Deal

[Michael Dallas]

Hey BP, I am buying a 9-unit multifamily property, and I am picking up the seller's loan. All I need to do is come with $95k as a down payment. I have been talking to a local guy I know who is an agent and has money to invest. He is interested in the deal but has been dragging his feet and finding it hard to get on the phone to talk to and communicate with. I feel like I am asking for pretty good terms that would benefit him, and if he wants different terms, let me know. Although he has not been very responsive, he still says he's interested. 

What I presented him with is a $95k loan at 10% interest only payments for 2 years, at which time I will either sell or refinance and pay the whole $95k back. Would be around $792 payments per month in just interest. Is this a good deal for him? I am at the point of saying I need a solid answer now and just looking for someone else to finance the deal. I am supposed to close on the property next Friday, so time is of the essence. Thank you everyone that helps!