private money for small multifamily commercial.
Hey BP family, i've had sfr in the past but want to get into small apt 5+ units & work my way up. I've been learning, analyzing and growing my knowledge like mad the last 3 months. I found a classically mismanaged, distressed value add multifamily with 5 units. Owner lived 3+ hours away and just didn't keep it up to market. Rents are over $100 below market avg(each unit) and the utilities/expenses are 60% of gross income so the NOI is shot. What this means is I can make an offer off the current NOI/ performance of the building hopefully getting a better deal. The upside is tremendous but I don't have the down$. Does anyone have any experience getting private money for a commercial multifamily? If so (in general) what interest rate should I look for and terms to make it a win win for the lender and myself. thanks.
-Sam