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no, it meant the bank wouldnt lend us any more than $valuation_price - 15% for that property.
either way, to make up the difference we would have had to find an extra 30k, in cash. the amount they would lend us is based on income, we didnt have the deposit for 15% of the total 'what they would theoretically lend' price.
rogan
Isn’t that akin to saying that the down valuation had zero impact on you and you didn’t have to stump up any more equity, as the bank would have lent you 33% more anyway?
Seems a bit like bad faith to price chip on that basis.