HOW MUCH DO I NEED FOR DOWN PAYMENT? AND IS IT POSSIBLE TO GET MORE INFORMATION ON A LOAN OF THAT TYPE?
The amount of your down payment is going to depend on a lot of factors, such as:
– Type of loan you’re getting
– Your personal credit history
– Your lender’s underwriting process
– The amount of collateral you have to put up for the loan
– What your business plan looks like
– How confident your lender is in your ability to repay the loan
Most traditional loans will require 10-20% down but it could be as much as 30% if you don’t have any collateral.