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I've done that for literally every single loan that I've used property as collateral for. The value of property isn't set in stone. You set the value as high as you can. Then the bank's appraisers give an opinion. Then the loan is negotiated. I swear to God I don't think a single liberal on this board owns property.Who told you that people overvalue their assets to banks when getting loans?
I wouldn’t.
Your valution is higher than the states tax valuation. If it isn’t your getting fucked somewhereWho told you that people overvalue their assets to banks when getting loans?
I wouldn’t.
So you think you can just make up any number you want for a valuation?I've done that for literally every single loan that I've used property as collateral for. The value of property isn't set in stone. You set the value as high as you can. Then the bank's appraisers give an opinion. Then the loan is negotiated. I swear to God I don't think a single liberal on this board owns property.
Trump paid back the entire loan...with interest. The bankers testified that they were satisfied with the deal and would do business with Trump again. Yet somehow in your tiny little brain...that qualifies as fraud? Bernie Madoff running a Ponzi scheme and bilking thousands of investors out of 64 Billion dollars is fraud! That's REAL fraud...not this made up shit that James and Engeron cooked up! And after stealing that 64 Billion, Madoff's bond was for ten million dollars! Trump's is a half a Billion? How do you justify that? It's absurd.
apnews.com
www.nbcnews.com
Who told you THIS bullshit!!! THIS is what the banker testified to. Nowhere does he say that bank was "satisified" with the deal or that they would do business with Trump again.
Banker involved in big loans to Trump's company testifies for his defense in civil fraud trial
A Deutsche Bank executive says the bank followed its own guidelines when deciding to lend Donald Trump’s company hundreds of millions of dollars.
In fact, the banker who testified was from Deutches Banke, which cut off all ties with Trump after January 6th.
Deutsche Bank and Signature Bank cut future ties with Trump, citing Capitol riots
The president has two personally guaranteed mortgages with Deutsche Bank. They come due in 2023 and 2024.
Now I KNOW you were never a property owner or an appraiser, because this is absolute bullshit, even for a personal lenders, and has no application whatsoever in commercial property management or financing.
The value of commercial property is entirely based on actual income, or potential return on investment. Rental properties which are fully tenanted are valued on the basis of the leases, the overall age and condition of the structures, and their potential for re-development. This includes zoning, and any applicable building restrictions.
When a corporation applies for a loan, you have financial statements prepared by licensed accounting firms upon which you base the value of property. You don't ask the company owner how much its worth, because you're only interested in book values, lease values, and redevelopment values. Unique properties like golf clubs or resorts are difficult to ascribe "fair market values" for because there are no real comparables locally and the location of your resort is a big part of the value.
So you think you can just make up any number you want for a valuation?
Thats idiotic.
Total nonsense.The borrowers evaluation is just a starting point. Nothing more.
I don’t know where you are from, but for personal loans in my area it is absolutely the case. I own 4 and should know. If I choose to take out a loan against the real estate, I provide my personal evaluation. If they have questions or concerns, they will ask, because they due their own due diligence. If my total portfolio value clearly far exceeds the value of the loan for which I am applying, they could’t care less about my evaluation because they want the business. That is how it works in the real world.
Interesting, Dragonlady. So as a "banker" how is it that you determined what a property was worth?You have NO IDEA, of how the bank works or what the banker thinks. If you lied to me on your application, your loan will be declined no matter what who you are or what you own or your past record. That was the first thing I learned when I was a loans office in training.
I took an application from a long-time client, with an excellent payment record, good equity in his home and a high paying job. But he lied to me. He didn't tell me there was a 2nd mortgage on his house. When confronted, he said it was a loan his co-signed for his mother who lived with them.
I didn't have my own loan limit at the time - I was in training. So I took the app to my boss and recommended we make the loan. He refused. He said if I couldn't trust this man to tell me the truth when he asked for $10,000, I couldn't trust him to pay me back, and he declined the loan. Over the next few weeks, I got a half dozen calls from various lenders, asking for a loan rating. Another bank gave him the money. I met the manager at our mutual client's bankruptcy hearing about 6 months later. My loan was fully secured and I lost little.
In my 4 years as a bank manager, I had exactly 3 people lie to me on applications. This idea that "everybody lies" to their bank manager is bullshit. One of my friends said she slept well at night because her accountant was the most honest person she knew and he would never let her do anything that dishonest and or get into trouble with Rev Canada.
One very successful businessman told me he lives by the rule that you never lie to your banker, your lawyer, or your priest, and you'll get on well in life. He started with nothing, and retired a multi millionaire.
4 years as a bank manager? Wow...what a long and illustrious career!You have NO IDEA, of how the bank works or what the banker thinks. If you lied to me on your application, your loan will be declined no matter what who you are or what you own or your past record. That was the first thing I learned when I was a loans office in training.
I took an application from a long-time client, with an excellent payment record, good equity in his home and a high paying job. But he lied to me. He didn't tell me there was a 2nd mortgage on his house. When confronted, he said it was a loan his co-signed for his mother who lived with them.
I didn't have my own loan limit at the time - I was in training. So I took the app to my boss and recommended we make the loan. He refused. He said if I couldn't trust this man to tell me the truth when he asked for $10,000, I couldn't trust him to pay me back, and he declined the loan. Over the next few weeks, I got a half dozen calls from various lenders, asking for a loan rating. Another bank gave him the money. I met the manager at our mutual client's bankruptcy hearing about 6 months later. My loan was fully secured and I lost little.
In my 4 years as a bank manager, I had exactly 3 people lie to me on applications. This idea that "everybody lies" to their bank manager is bullshit. One of my friends said she slept well at night because her accountant was the most honest person she knew and he would never let her do anything that dishonest and or get into trouble with Rev Canada.
One very successful businessman told me he lives by the rule that you never lie to your banker, your lawyer, or your priest, and you'll get on well in life. He started with nothing, and retired a multi millionaire.
4 years as a bank manager? Wow...what a long and illustrious career!
So basically you quit when things got hard? Noted. I was in the residential appraisal business for seven years. I'm amused by your contention that someone putting a value on property that is over inflated is them "lying". The market determines what the value is. People constantly over estimate what their property's value is especially when applying for loans. That's why appraisers have jobs! You should know that.From 1974 to 1979. When there were NO women bank managers at all. Anywhere. I was one of the first. I left banking when they hired someone off the street for a job I had applied for, and then sent him to me for training - because I was "the best". Not to mention, they paid this guy 25% more than they were paying ME.
People get tired of banging their heads on glass ceilings and they LEAVE.
How long and successful was YOUR banking career?
Interesting, Dragonlady. So as a "banker" how is it that you determined what a property was worth?
So basically you quit when things got hard? Noted. I was in the residential appraisal business for seven years. I'm amused by your contention that someone putting a value on property that is over inflated is them "lying". The market determines what the value is. People constantly over estimate what their property's value is especially when applying for loans. That's why appraisers have jobs! You should know that.
So in 5 years you went from teller to bank manager yet you feel you were "abused" by the company? Interesting.I don't why you find lying amusing. People do NOT over estimate their property values. In total, I worked for BMO for 9 years, starting as a teller, then a supervisor, then as a loans office and for the last 4 years, a bank manager, I had 3 people lie to me. If anything, most aplicants will underestimate their home's value because they don't KNOW what its worth.
Only a liar and a fraud would think "everybody" lies. "Everbody does it" is the criminal's mantra. Trump uses it all of the time. He's not doing anything any different from anybody else. It's a flat out lie.
No, I quit because I was a single mother with two small children and I didn't sign onto the job for the abuse and harassment I was receiving. I was just trying to make a life for me and my kids. Today, sexual harassment is illegal. It wasn't then.
People overestimate the value of their property all the time and you know it! That's why banks hired independent appraisers like myself and you know that! The truth is that Trump didn't do anything that MOST big developers do and I think you know that as well!I don't why you find lying amusing. People do NOT over estimate their property values. In total, I worked for BMO for 9 years, starting as a teller, then a supervisor, then as a loans office and for the last 4 years, a bank manager, I had 3 people lie to me. If anything, most aplicants will underestimate their home's value because they don't KNOW what its worth.
Only a liar and a fraud would think "everybody" lies. "Everbody does it" is the criminal's mantra. Trump uses it all of the time. He's not doing anything any different from anybody else. It's a flat out lie.
No, I quit because I was a single mother with two small children and I didn't sign onto the job for the abuse and harassment I was receiving. I was just trying to make a life for me and my kids. Today, sexual harassment is illegal. It wasn't then.
People overestimate the value of their property all the time and you know it! That's why banks hired independent appraisers like myself and you know that! The truth is that Trump didn't do anything that MOST big developers do and I think you know that as well!
Did you ever accidentally overestimate the square footage of a property by a factor of 3?People overestimate the value of their property all the time and you know it!
