Posted by James Strange on May 13, 2003 at 19:15:28:
Unless it is recertified an appraisal is only good for three months. It can only be recertified three times. So your appraisal is worthless. You would have to get a new one. It will be expensive, ask the owner what they paid for the last one.
Unless your going hard money LTV is based on the lower of appraisal or sales price.
If this can be done or nor I am not sure it is out of my area. You may want to post this in the Commercial REI fourm.
Is this loan possible? - Posted by Kyle Gatton
Posted by Kyle Gatton on May 13, 2003 at 14:46:43:
I have a letter of intent in on a property and I would like to get a loan based on the property and not my (bad but working on it) credit. Is it possible to get 65% of the last known appraisal value of the property? the loan amount would be 570,000, and the 2001 appraisal is 880,000.00. I would like to do this deal with all of the costs paid for at closing. Its a MH Park,RVpark, and motel and I would like to get a loan for a short term so that I can refinance or resell the property. In short is this a loan that someone would do? and if so who would I contact to do it? Email me if you know of someone to do it please.