Zero-Down Non-Recourse Loans for Multifamily Investments

[Ethan Wagner]

Is there any way to obtain non-recourse financing without a down payment? 

[Richard Sherman]

@Ethan Wagner There really is no such thing as a non-recourse, high LTV loan in commercial. There is non-recourse debt, but you pay more for it and they require more down as well.

What you could do is get an underperforming property, get it performing, refinance and take out your initial money. I have never done non-recourse as I do not want to pay extra for something and I typically am at 60% LTV or less anyways going in and after repositioning probably more like 45-50% LTV. There are some agency loans but they are large balance and hard to get typically.