Loans on appraisal value? - Posted by sabatini

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.

Loans on appraisal value? - Posted by sabatini

Posted by sabatini on July 06, 2003 at 09:47:08:

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

Re: Loans on appraisal value? - Posted by Ed Garcia

Posted by Ed Garcia on July 06, 2003 at 11:10:25:

Sabatini,

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.

Ed Garcia

Re: Loans on appraisal value? - Posted by David

Posted by David on July 06, 2003 at 21:11:14:

Use a temporary loan to buy the property with the commitment for permanent financing based upon appraisal,not purchase price.

Re: Loans on appraisal value? - Posted by John

Posted by John on July 08, 2003 at 24:35:22:

Whare do you get a temp loanlike this?