Down Payment for Loans

[Jacob Kelley]

My girlfriend and I are planning on buying our first investment property - we're looking at four-plexes in Phoenix. Our real estate agent told us that, in her experience, hard money lenders in the PHX-Metro area typically require 20% down for first time buyers. With hard money, we were expecting putting much less down based on our research. I definitely appreciate a reality check, but I'm trying to confirm what we can reasonably expect so we can better plan for the future.

If anyone has experience using hard money in Phoenix, please share your experience, specifically what requirement the lender had for a down payment. Also, if anyone has any reccomendations for a HML, please let me know.

Thanks for your help!