How do I get a LTV instead of sale $ - Posted by JeffS

Posted by Michael Morrongiello American Note on June 16, 1999 at 18:33:35:

Jeff:
We have interest in discussing what we can to assist you in getting into this property. Call me and provide us a way to fine tune the program for you to see if it will work.

Michael Morrongiello
American Note
800-659-2274 x 41

How do I get a LTV instead of sale $ - Posted by JeffS

Posted by JeffS on June 16, 1999 at 14:51:20:

Help, I found a great deal, but how can I get a loan based on percentage of value, instead of sales price? Owner is scared to do anything that might cause him to be stuck with property again. ie: land contract, or owners terms, etc.
It is a vacant double, ARV is $70-75, Rents $900/mo., seller wants about $34k, needs $10k in repairs.
So, $70k - $10k (repairs) = $60k * 75%ltv = $45k loan. and everything is covered. Now why can’t this get financed?
Instead I am working towards getting std bank loan for 80 - 100% of sale price (high cost) and using equity line for repairs. Then just paying off LOC with cashflow or refinancing to get money out.
Is there another way?

Thanks,
Jeff