You should be able to shop local lenders and credit unions and get a much lower amount of cash out of pocket while still achieving your goal of 75% or even 80% LTV on a commercial note.

I also believe those deals are quite rare and virtually impossible for someone living in Oregon achieve..

Did you achieve significant sweat equity?  

By carefully balancing the collateral and ensuring rigorous underwriting standards, it is possible to mitigate potential downsides while capturing the upside potential, providing a compelling investment proposition in a competitive market.Uses of Mezzanine Debt CapitalMezzanine debt can be deployed effectively in several ways, including:- Liquidity Provision: Providing liquidity to set aside interest reserves for first lien lenders and tax and insurance escrows required by the first lender.- Property Improvements: Funding additional property improvements such as renovations, HVAC work etc.- Operating Shortfall Coverage: Addressing operational shortfalls during challenging periods.Objectives of Mezzanine DebtThe primary objectives when using mezzanine debt include:- Project Stabilization: Completing renovations, construction, or improvements and then stabilizing the property with 90%+ occupancy.- Interest Rate Management: Buying time until interest rates normalize or decline.

But you need to start answering them for yourself and come up with a clearer picture of what you're wanting to achieve.

Usually, when I underwrite a deal without trending future growth, achieving the target IRR would require some growth over time.

@Joe Si With a $10M net worth and the goal of early retirement, a balanced allocation could be 40-50% stocks for growth, 25-35% real estate for stable income and appreciation, and 20-25% fixed income (bonds) for security. 

And this means that we are earning interest at ~ 4.5% to 5% or so on the balance we are holding back.

Investing in multifamily properties in the NYC/NJ area can be challenging due to high property prices and interest rates, but it’s still possible to achieve positive cash flow with the right strategies.

Particularly on larger balance CRE (Commercial Real Estate) this rate improvements can lead to a dramatic increase in activity and investability.