Quote:
On 2006-12-19 18:48, ibuyhouses20 wrote:
Anybody know of a lender that will loan based on LTV instead of the purchase contract price?
I know I am nitpicking, but loans are not based on LTV. LTV stands for Loan To Value. LTV is the requested loan amount divided by the property value. For institutional lenders, property value is the lesser of appraised value or contract price.
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Only a hard money lender.
Construction loans will do this, too.
Quote:
On 2006-12-19 18:48, ibuyhouses20 wrote:
Anybody know of a lender that will loan based on LTV instead of the purchase contract price?
I know I am nitpicking, but loans are not based on LTV. LTV stands for Loan To Value. LTV is the requested loan amount divided by the property value. For institutional lenders, property value is the lesser of appraised value or contract price.