NY Lenders that operate on Appraised Value - Not Purchase Price

[Travis Hutchinson]

Hi all,

I was wondering if anyone knew of any lenders that will lend in New York based on the appraised value of a property rather than the purchase price.

It's an off market deal where CoVid forced the seller to move the property at a pretty significant discount. It's a 4 family and I was able to get the seller down to about 400,000. The true value of the property is about 500,000 (based on cap rate and local comps).

I would love to find a lender that would loan at 75% LTV using the appraised value of 500,000, rather than the 400,000. At the 500,000, I would only have to put down roughly 25,000. The DSCR is above 1.75.

Most lenders I've spoken to only operate on the lower of the sales price and appraised price, but I would love to find on that operates on the appraised price regardless of the purchase price.

Any help would be appreciated.

Travis