I recall many conversations with a bank manager,we were haggling over the final estimated mv of a construction property, that I was contemplating building at the time
I finally got him to agree that the finished product would be worth xxxxx...that was a very low valuation, and I was looking for 80% finance....
it was with st george...who were entering the market in a big new way at the time...
by the time the property was completed it was worth 50% more..... the mv is now double the original cost....
some banks have more experience with property than others...other banks have sat back and watched the rise in oz property...then decided they want part of that action...
they dont or cannot read the market, or have the experience, nor the staff....hence they burn their fingers....
it is similar to having a depressed RE agent trying to sell your property....while he is suffering deprssion... it will be a waste of time and money....
