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Author Topic: Loan on the Value  (Read 1925 times)

Offline gypsydogg

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    • The Las Vegas Real Estate Agent
Loan on the Value
« on: April 22, 2007, 11:02:55 am »
What type of lenders give 100% loans based on the value of the property and not on the purchase price  or anything close to this.

I would like to get a loan based on the value rather than the purchase price and hopefully get a purchase price well below.
Craig Elie
Keller Williams Realty - San Fernando Valley, CA
818-322-5696
http://activerain.com/action/referrals/thelasvegasrealestateagent

Offline zachj

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Re: Loan on the Value
« Reply #1 on: April 22, 2007, 04:27:06 pm »
Hard money lenders, but they typically only lend 65% or so of the actual value.
Zachary Johnson
Commercial & Residential Loan Specialist
100% financing, Rehab Loans, Hard Money, Construction & Development Loans Internationally
Windsor Capital Mortgage Corp.
office: 619-822-2909 (SEE PROFILE FOR EMAIL ADDRESS), www.propertyloanrates.com

Offline gypsydogg

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    • The Las Vegas Real Estate Agent
Re: Loan on the Value
« Reply #2 on: April 22, 2007, 05:45:17 pm »
Is that what a hard money loan is all about??  So if I were to choose to live in the house after, would I just refinance it with a conventional loan? 
Craig Elie
Keller Williams Realty - San Fernando Valley, CA
818-322-5696
http://activerain.com/action/referrals/thelasvegasrealestateagent

Offline 71tr

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Re: Loan on the Value
« Reply #3 on: April 22, 2007, 10:35:18 pm »
Most lenders lend on the lesser of appraised value or purchase price.  They do this to protect themselves from fraud and overlending on a property.  The theory goes that if the purchase price is less than the appraised value then the appraised value is overestimated.

Offline investmentfinancing

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Re: Loan on the Value
« Reply #4 on: April 23, 2007, 11:45:29 am »
as long as a the appraisal is legitimate with comparable properties to back it up you can do what you are looking to do.  As long as the seller your broker and even your r/e agent  is willing to credit back money to you at closing it is definitely possible. 

Offline gypsydogg

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Re: Loan on the Value
« Reply #5 on: April 23, 2007, 12:34:05 pm »
Does this have to be done through a hard money lender or could it be through any lender?
Craig Elie
Keller Williams Realty - San Fernando Valley, CA
818-322-5696
http://activerain.com/action/referrals/thelasvegasrealestateagent

 




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