Awesome Bank Financing! Does anyone else do this??

[Tyler Smiarowski]

I hear a lot of people on BP talk about that the best they can get for financing is typically 80% LTV. A local bank I work with will loan out 85% LTV on 4 units or less and 80% on 5 units or more...here is the kicker though.

They will loan on the appraised amount even if higher than purchase amount. Example: 4plex I purchased late last year for 115k...it appraised for 130k...so they loaned me 85% of 130k which is 110.5k. So when factoring proration of taxes and getting rents prorated...I basically brought now money to the closing. These loans are "in house" loans which make a difference of course. Has anyone experienced this with other banks???

MODERATOR: REQUESTS FOR BANKS NEED TO GO INTO THE MARKETPLACE FORUM. SORRY.