How will a bank decide the amount to lend?

[Steve Dudeck]

I'm looking at a deal the includes 2 multi family houses. Each is a 2-Family. Each property has 3bd, 1.5 baths, on each floor. For a total of 12 beds. The NOI is 60,000, and Cap Rate is 5%. The list price is $1,275,000. We will have a down payment of 320,000. And want to finance ~955,000.

The problem is, there are not any comparable sales that come close to these property's valuation when a bank looks at this for lending. This is a college , and rents are there. But the market price of other multies, just 4 blocks away, are about 1/2 of this property.

Will the bank rely on comps, or will the bank rely on past rents to determine loan amount?