Lender issues, does this sound like a no brained?

[Ryan Widmer]

Hello, need help with financing options. We just found a great off market deal and have it locked up but have hit a snag with financing.   A little about the deal... Property is locked in contract at $520k Appraisal not back yet but we think it will appraise at $700k or close This is a vacation home in lake of the Ozark's. Lake front 7000sq ft will rent for $1000 a night I already have rentals in the area Have $400k sitting in an account if I needed it I'm selling $750k in real estate right now in Illinois  Took half the year off last year to do my own thing so my tax return from just last year is low and this is the reason they say loan may not go through. Is this a no brained for the bank? My local lender I usually use in Illinois does not want to loan that much out of state(small community bank) Would love to here from a local bank in lake of the Ozark's, camdenton, Osage beach, sunrise beach, laurie, lake Ozark, etc. don't wanna miss out on this. P.s. This is my fathers deal but I am the bigger pockets nut....

[Chris Martin]

This is not a 'no brainer' for a bank. You have other assets, so you'll need to pledge other 'stuff' (other real estate with equity or F&C, or cash) to make them more comfortable... but even then, without some kind of history with a lender, it will be a long shot IMO. Expect 50% to 65% of appraised value IF you find a lender... just my opinion.