North Dakota Commerical Loan Downpayment--25%?!
Hello, BP crowd! I am looking for financing for purchasing my first rental property and am looking for a fixed APR (no arms, balloons, or anything else that will go *pop*). I was told by a lender that they required 25% down. Is this the norm? Seems steep to me and I wanted to get a feel for what is available and typical. Obviously I will be asking around but I would love to hear feedback from people. This will be a loan for an LLC.
Thanks for your time and help!