Purchase Money Loans
While the vast majority of our clients are looking to pull cash out of properties that they already own, we still provide acquisition financing for many of our clients as well. We use much of the same guidelines that we use for our purchase loans as we do for our refinance loans. This means that in addition to the LTV guidelines (up to 75% LTV on commercial, up to 65% on Owner Occupied Residential, up to 75% on non-owner-occupied Residential, and up to 50% LTV on land), we also use the property value from the purchase contract. Many people contact us telling us that they are able to buy the property in question for 40 to 50 cents on the dollar and are looking to get a loan for the "real" market value. To us, the real market value is what the purchase contract says. Unfortunately, we cannot use future value appraisals either. We need a current appraisal for the current market value of the property in addition to the purchase contract in most cases.
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