Posted by Shambhu Nath on October 08, 2003 at 10:02:59:
Most lenders take the lower of the purchase price or appraised value during sale transcation. The appraised value can only be used after the purchase had seasoned for some time.
There might be some exceptions to that and hopefully some one at the forum can point to that direction.
Good luck.
Loan value question -Please help - Posted by Rachael
Posted by Rachael on October 05, 2003 at 22:35:15:
Hello,
We are looking at purchasing a 10 unit apt complex. Property has appraised at 389,000. Negotiated price to $250,000. The monthly rent for all units comes to $3,600/mo (this will be immediately raised to $5,000/mo). There are some cosmetic changes to be made. We would like to find a mortgage that will loan out 75% of the appraised value instead of the purchase price. I have been told that this can be done. Any suggestions on where to look?
Thanks!
Rachael