Apartment Deal- How Do you Determine PML's Payback?

[Shannon Sadik]

I am looking at potentially purchasing an apartment building. I have looked at several of the pro formas here on the site as well as others, but am struggling to analyze a second loan for a PML from these spreadsheets. The property is a 30 unit. I am waiting on actual numbers, but the projected numbers indicate: 

Cap rate: 11.7%

Cash on Cash: 22%

Cash flow/mo: $4228

I can get traditional financing from the bank for 75%, but need to come up with 25% down. We are thinking of offering ~$920,000 for the property, which would require a $230,000 down payment. 

I have talked with a few investors who buy apartments and they said it's not often that you can find a PML with rates that will support many deals. How can i determine that in this scenario for sure? I have a meeting with a PML on Thursday and need to figure out what to ask for, or cancel the meeting if I don't think he will like the return. I've heard he typically lends at 3 points and 12%. 

I'm also open to creative terms if anyone has ideas? I thought about suggesting he pay all of the down payment and then I offer him 50% of profits. 

Thanks for your help!