Investment Lending: 30% Down Typical?

[John Barnes]

Hi BiggerPockets,

Quick backstory: My business partner and I (both in our mid 20's) formed an LLC and are looking at MFH's to buy as a long-term investment strategy (call it retirement planning if you will). He is located in Phoenix, I'm in Tampa.

Anyway, the question is about financing. We have been to two banks (both in AZ) and asking about financing for 2-4 unit properties. Rates have seemed reasonable although have fluctuated more than we were anticipating, from lender to lender, ranging from 3.8-6.8%. However both required 30% down. We were surprised by that as it seems like a common strategy on here is to put as little down as possible, 10% or less. Are most multi-unit properties required to put down 30% by most banks, or do we need to shop more lenders?

Is there a different stratey most people use to finance MFH's?

From what I read, hard money lenders would require significant down as well, or be at a high rate. 

Any insight would be particularly appreciated.

Thanks,

John and Austin