4-Unit Bank Financing Question

[Nick Cannon]

Hi Bigger Pockets Family,

I've been on here for months and am starting to get analysis paralysis!  I'm close to offering on my first buy and hold property (4-unit).  I'm also a new real estate agent so I contacted my local lender.  They told me that a 4-unit requires 25% down.  My question is whether that's a firm requirement?  Secondly, if it's not does anyone else have any other suggestions?  I have the money for 20% and the necessary repairs for the building I have my eye on.

Thanks in advance!

Nick

[Michael Noto]

Like @Steve Babiak mentioned, call around to small-mid size community banks and see if they will entertain 20% down.  

Literally call every bank in your area until you get the answer you are looking for. That is how we have gone about any kind of financing issues we have come across in our business.  Call, call, call.  That's how we found our portfolio lender, our hard money lender, our private money lender, and a bank that would give us a line of credit.

If you are looking to go conventional you are going to be looking at 25% down.