You guys are funny.  

Apple can borrow short-term money at 0.5% from banks.  They have billions in the bank.  

When I started my business I had lenders that I paid all the way up to 15%.  As my business and net worth grow I can typically borrow personally guaranteed money from individuals at 7%.  The rate is a function of the overall risk and availability of other options.

So if the guy has a high net worth, lots of experience, offers a personal guarantee, and it is a project you can get behind 6% might not be a bad deal.