15% down on multi 4 plex properties

[David I.]

Hi all, I have several sfr rentals and want to move up to 4 plexes. I’ve been doing 30 year mortgages on my rentals. Question is - do any lenders only require 15% down.   I know the risks but the properties I am looking at are in good areas and go for 250-300k - and go fast.  I have 50-75k in cash but don’t want to throw all that on one property down payment. That would handicap me for improvements and other properties.  

Id like to stick to a 30 year for cash flow purposes and I know you can on a 4 plex.  What types of financing is out there?  Thanks. 

[Carl C.]

From my experience, you'll have a hard time finding a lender who will be willing to do 15% down. You may be able to find a local bank willing to do 20% but it would likely be a 10 or 20 year amortization with interest rates resetting at 5 or 10 years.