How do I obtain P.O.F.
I'm looking to raise funds through friends and relatives in order to purchase my first commercial multifamily deal. Im ready to go on the hunt. However, I got discouraged when I reached out to a lender that I'm thinking about getting the mortgage through to talk about my plans. He asked that I show a bank statement, from my account, showing $400,000 or 20% of the purchase price of the property. He suggested thay since Im raising the funds from others, have them give it to me now and place in the account. My initial plan was to use the P.O.F. to get access to the property, use my own money as EM, and then bring the money together during the due diligence period. My question is this, have anyone ever done this in this fashion? If so, how did you obtain the P.O.F without showing 20% in your account? Also, I have a personal property with $300k and rental with $200 equity. Is it any way to use it to obtain P.O.F? Thanks!