How should I approach a potential private lender?

[Sherrie Wright]

Good evening, all and Happy Holidays! After running into a couple of hurdles in acquiring a loan for a multiunit building (I have an FHA loan and will need 20% down and 6 mos reserves to qualify for a conventional), I'm considering approaching a family friend as a possible private lender. I don't have a particular property in sight yet but I want to approach this family friend to start the conversation. I would like to present the arrangement to show how it could be beneficial to both parties. I'm just not sure how these arrangements are normally structured. Can anyone advise on what will be important to the potential lender? What are the key points to focus on to help visualize the arrangement? Any direction will be be appreciated. Thanks in advance!