Rental appraised too high :) - - No more 75% LTV?

[Troy Zimmerman]

Hey guys,

I'm working with a new lender here in SC.  I bought a rental for 237 and have about 260 in after renovations.  I expected the appraisal to come back in the 290 range.  It just came back at 320!  I'm thrilled on one hand, but now the bank says they are only willing to lend 220 (68.75%).  They say the regulators would give them a hard time if they approved a loan that was higher than the original purchase price.  I've never run into this with my lender back in IL.  Any thoughts?

I have no desire to flip this property and would like to rent it long term.  Just curious if anyone else has run into this.  The easiest solution might just be to find another lender, but I'm down the road a bit with these guys.  

[Caleb Heimsoth]

My initial response or thought was what you mention yourself at the end. I would simply find a different lender. Assuming it's a residential property, in this current market your business is more important to them than theirs is to you. Meaning you can easily find a different lender who would probably do it.