Posted by David Carter on July 09, 2003 at 20:32:54:
Establish a good relationship with your local banker. Tell the banker what you are doing. Let the banker know that you have a loan approved for a certain amount and need the full price to purchase with the permanent financing being completed within a oouple of months.
Are there any lenders that lend on appraised value and not sale price?
If I find a property that is selling for approx. 80% of appraisal, will a lender loan 80% ltv loan on something like that?
Just trying to get this figured out…Thanks
This is one of the main functions of the Lenders Workshop is to help RE Investors obtain loans with 100% financing based on ?Apprised Value? not Purchase price as most lenders require.
Your best source for this would be a small local bank or portfolio lender.