Help -Problem refi tri-plex. Don't like appraisal - Posted by Dianna

Posted by James Strange on September 07, 2003 at 02:20:36:

In that price range with a triplex lenders will be very carefull about the new value.

Pull out what you can now and latter go back to a local bank and take out a second.

Help -Problem refi tri-plex. Don’t like appraisal - Posted by Dianna

Posted by Dianna on September 05, 2003 at 20:53:58:


We picked up a tri-plex about 4 months ago from the bank for $192. Tax assessed at $325K +. Fixer with previous drug tenants and boarded up for a year or so.

We’re done with the extensive rehab. New appraisal (not pushing value) is $400K. We want a loan at $320K or 80%.
We want our rehab costs back out. We paid off our original hard money guy, and we are carrying the costs personally. Needless to say, we want our money back out…

The continual problem: banks are ripping the appraisal apart. They come back and say, “we think it’s worth $300K – $100K per unit.” The comps are real. The appraisal is real. Oh yeah, the rents are $3250, which more than support a loan at 7% and $320K. (PITI would be $2650) Geez, what do they want???

Any ideas? Any good lenders that will look at an appraisal and do the deal. We’re in the Seattle, Washington area.

Your help is appreciated.