Good evening BiggerPockets family!
How do I get a lender? Where do I find one? Im trying to avoid having to get a conventional loan with 20% down ☹️.
Very difficult in todays times to find a lender with less than 20% down unless property has a ton of equity and you will be paying a very high interest rate and points through a private / hard money lender
No lender will do anything 20% down or less right now. Most are at 25% down. This is not the time to get into the deal if you don't have strong liquid reserves or experience.
I would expect the following terms: 20% - 30% down, 2-3 points @ closing, 1-12 months interest reserve (interest only payments held back @ closing).
Hey Aamir, how many units is the property? And will you plan on living in it? If you aren't living in it, then you are probably looking at 25% down. If you do plan on living in the property then you're looking at 15-25% down, depending on how many units.