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Who has obtained a small business loan?
Posted on 10/23/14 at 9:22 pm
Posted on 10/23/14 at 9:22 pm
I'm doing some preliminary research for a project and I'm a little shocked/excited by the wording here.
LINK
Most banks lend on the lower of the purchase price or the appraised value. This is saying they will loan 90% LTV.
Hypothetical :
Property appraises for $1,000,000
I get it under contract for $900,000.
Am I bringing anything to the table? Normally the answer is an obvious yes. I'm just curious if anyone else has knowledge in the arena.
LINK
Most banks lend on the lower of the purchase price or the appraised value. This is saying they will loan 90% LTV.
Hypothetical :
Property appraises for $1,000,000
I get it under contract for $900,000.
Am I bringing anything to the table? Normally the answer is an obvious yes. I'm just curious if anyone else has knowledge in the arena.
3
Posted on 10/23/14 at 10:18 pm to I Love Bama
90% of the loan not the value correct?
That is the way I read it. So 10% down??
That is the way I read it. So 10% down??
Posted on 10/23/14 at 10:32 pm to JayDeerTay84
The link says loan to value. That's where I am getting hung up.
If it is loan to value, I wouldn't put anything down in this scenario. Right?
If it is loan to value, I wouldn't put anything down in this scenario. Right?
Posted on 10/23/14 at 10:36 pm to I Love Bama
Would the value still be the 1,000,000 or the purchase price? Also, it stated a minimum 10% down.
Posted on 10/23/14 at 11:38 pm to JayDeerTay84
Didn't see that. You're right.
Posted on 10/24/14 at 10:43 pm to I Love Bama
quote:
If it is loan to value, I wouldn't put anything down in this scenario. Right?
This is correct.
Posted on 10/25/14 at 9:13 am to I Love Bama
Wells Fargo is a good business lender. I would ask them.
Those banks are getting SBA guarantees behind their loan so they will be quick to help.
Those banks are getting SBA guarantees behind their loan so they will be quick to help.
Posted on 10/26/14 at 4:45 pm to I B Freeman
Typically it is 90% of the LESSOR of the sales price/appraised value
Posted on 10/27/14 at 11:00 am to I Love Bama
An appraisal is just an estimate of value, right? If the land is purchased in an arms-length transaction with no side under duress for 900K, than the value of the house is 900K. Thus they would loan 90 percent of 900J, or 810K.
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