Bank's is ST00peD!

Got this from my bank today.

"Due to recent market changes we are now scaling LVRs now based on property value and median suburb price"

WTF,

Ive got an offer of $8 million on a property and I keep 18 residual land lots of the 53 to be created. Bank says average house value is $900 k in that suburb so my 5.2 acre parcel with two brick homes is adjusted from "their Valuation" of $2.5 million down to $1.25 million.

I think I need a new lender.

 

If you had to firesale the whole thing how much do you think you would get?

I assume the banks thinks there isn't many people around with this budget nor appetite?

 

At a fire sale it would get about $8 million for the whole parcel, IE I would lose about 18 residual blocks.
There are hundreds of cashed up locals wanting to buy as they have sold theirs for about $2 mil per acre and are looking to get back in at about $1.5 mil per acre.

 

Nice problem to have @Car tart
I've read some of your other posts, congrats on the hard work and choices you have made to end up here.

Don't take it to heart, yes Banks are STOOpeD

I'd be inclined to send the notice back to them stating that you believe they have made a rather large error and sent you a notice intended for another punter