Posted by Shane on December 12, 2008 at 12:20:49:
Example: I bought a home in August with cash for $39,000. I repaired it for about $7,000. It appraises for $83,000. I’ve been getting 80% of the appraised value from my local commercial bankers which would be a line of credit for $66,400. Several of my banks are now doing just cost which would be 80% of $46,000 or $36,800 unless you own it for 1 year.
Just curious of this is a trend in other areas as well.