Structuring a private money deal - 1st attempt

[Josh Calcanis]

Hey BP - I've been on here since 2015 when I bought my very first SFH. I'm now in multi-family and want to take the next step into a larger multi-unit complex. I've got a decent amount of capital from a cash-out refi and savings, but I'd prefer to use OPM. I feel I've got a few contacts that would have the capital and ability to lend. With that said, I want to be as educated as possible when it comes to structuring a private deal.

- Is there any difference in a hard money loan and private lending when it comes to doing a refinance after you raise rents/lower expenses?
- Is there a big difference in interest rates between the two? I'm assuming negotiation on the private money can be a little easier.
- requirements of getting the amount? I've seen 30-40% still required for a 'commercial' deal under a hard money loan, but don't have much info on private deals.
- how does the process work once you have the cash in hand?
- For a private deal the return on their money would probably be more important (thus a lower interest rate?) so what's the typical calculations/timeline for that?
- Does it make sense to do a  private money deal with multiple investors? With crowdsourcing allowed now, curious to know if anyone has had something like that done.

Looking for any feedback from those who have done this!