I would like to buy a 8-unit apartment building for 3K
from what i have found most lenders want about 20% down.
Can i find a lender with little or no down payment?
I can pay other things like prepayed insurance, escrow, ect. but the 20% is kind of high.
Can anyone sugest any lenders?
Any sugestions?
I usually advise buyers to start with banks with which they have an established banking relationship. Most of them will have a commercial real estate department, or farm it out to a regular outside source. In either case your regular banker gets a piece of the action and may be able to vouch for you. Its tough to get a commercial for less than 30% down, let alone 20%. The thought being that it is easier for a borrower to walk away from a commercial deal than from their primary residence if things go sour.
go to your local bank and ask them for SBA loan – they require 10% down payment. there is no commercial lender to lend the money with less then 20%- exept SBA loans.