For the same property as above, suppose the underwriting criteria is a maximum loan/value ratio LTV) of 75%, and we estimate property value by direct capitalization using a rate of 11% on the stated NOI. By this criterion what is the maximum loan amount?
A) $2,789,406
B) $3,409,091
C) $3,844,614
D) $4,000,000
E) $4,139,619
Correct Answer:
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