Posted by Philip on July 07, 2003 at 16:19:27:
I will do that Lyal. I knew people had mentioned Loan-to-value, not just loan to purchase price.
I am so well established at that bank, you would think they wouldn’t have problems with LTV.
Thanks
My bank loans LTP not LTV, is that normal? - Posted by philip
Posted by philip on July 06, 2003 at 23:23:28:
They won’t let you walk away with any cash when you find and negotiate a bargain.
Seems like punishment for doing good.
OR maybe they know that to some extent value is in the eye of the investor.
Philip
Re: My bank loans LTP not LTV, is that normal? - Posted by Don Dion
Posted by Don Dion on July 11, 2003 at 24:38:41:
Yes the norm is loan to purchase price unless the property does not appraise out then its loan to value max
Re: My bank loans LTP not LTV, is that normal? - Posted by Lyal
Posted by Lyal on July 07, 2003 at 08:24:36:
Philip,
Most banks are like this. The lender I worked with previously was 75% of price or appraisal, whichever was less and I had to have some of my own money in each deal. They get none of my business now. Shop around. Check the small banks in a 25 mile radius and compare.
All the best, Lyal