Commerical Lender - 10% down

[Zulu Black]

Hi all, I'm considering a portfolio of four single-family properties in New York, with the seller asking $1.27M. The gross income is $149K, and expenses are $55K. I believe these properties will cash flow well, but I only have enough for a 10% down payment. Does anyone know what kind of lender willing to offer financing with 10% down for this type of deal?

[Erik Estrada]

Quote from @Zulu Black:

Hi all, I'm considering a portfolio of four single-family properties in New York, with the seller asking $1.27M. The gross income is $149K, and expenses are $55K. I believe these properties will cash flow well, but I only have enough for a 10% down payment. Does anyone know what kind of lender willing to offer financing with 10% down for this type of deal?

 My 2 cents, 

Save more for the downpayment, closing costs and reserves. If you only have 10% down, you are cutting yourself really thin. 

But as the other posters suggested, you can do a 90% CLTV loan with a commercial loan. Seller needs to be in second position, but honestly it rarely works out.

Better off saving the 20% down payment + closing costs and reserves or getting a partner involved.