Are there any banks that will lend money for 70% LTV?

Asked by K, 95111 Mon Mar 16, 2009

I am about to buy an investment property at much below market price, and will have about 30% equity based on current appraisal. I am looking for a lender who will be willing to lend money for this property based on this 70% LTV, without me having to put down any downpayment. I know Wells and BoA will not lend on appraised value, they will lend only on sale price. Are there any lenders / brokers willing to lend on appraised value?

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Moshon Reuve…, , Toluca Lake, CA
Tue Mar 24, 2009
You may want to try the hard money, private investors, route at, you may find some attractive quotes from lenders. This is of course a shot term solution to buy property below market price with the hope it will go up in price in the future (3-7) years and then refinance. If you can have positive cash flow from the property rent then it might be ok. This is by all means a last resort solution after you exhausted any possibility for conventional financing.
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Erica Glessi…, Agent, San Jose, CA
Tue Mar 17, 2009
Most banks would like to see a mix of buyer/bank funds. This bank specializes in back-to-back closes, REO and special purchases for investors. I do not sanction or recommend it -- I have had 0 experience with it. It came to my attention through a web posting.

Erica Nelson
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Vicki Lewis, , Alexandria, VA
Mon Mar 16, 2009
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Bill Mccord, Agent, San Jose, CA
Mon Mar 16, 2009
The problem you are dealing with is that you are the person borrowing yet have no skin in the game. 2 years ago that might be o.k. but no in todays world. Your best hope it to find a private investor or Hard Money lender who will give you a 70% of appraised value loan for a short period of time, then try to do an FHA refi which could then be based on appraised value. This would be an expensive loan but if your valuation is correct well worth it.
Good luck,
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Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Mon Mar 16, 2009

To the best of my knowledge, no traditional lenders will finance based on appraised value when you're purchasing the property. If you want to go with private/hard money, that's up to you, but I don't believe you'll find a lending source offering you conforming pricing with a non-conforming approach --- I'm guessing that's the real question here.

Let me know if I can be of service.

Best regards,

Rob Spinosa
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