Loan to appraised value on commercial - Posted by Mary

Posted by Prashant on April 11, 2006 at 01:21:58:

Hello Mary,
How is the deal going? Did you find any lenders that will lend you based on the appraised value?

Loan to appraised value on commercial - Posted by Mary

Posted by Mary on March 22, 2006 at 20:32:39:

OK I find this property (8-plex) that has a cap rate of 17% and a DSCR of 1.6 easily. The owner has agreed to sell it at 260K depending on how commercial small multis are appraised the property should value at 440K to 528K.

I want a no money down deal here. I have a 790 fico and I do have verifiable cash reserves, but I do not want to use them on the deal (who does?). I am looking for 260K with a 4% allowance for closure cost at 9-10% over 20 years.

Where do you suggest I start to look? Who out there will loan off appraised value and not sale price. I do not mind going full doc.

Thanks guys and gals for helping this newbie out.

Re: Loan to appraised value on commercial - Posted by zach

Posted by zach on March 22, 2006 at 23:29:54:

yes. sent you an email…