You are purchasing property A for $1 million. Lender's appraisal is for $1.05 million. You are applying for a loan of $780,000. What is the loan to value ratio for this property? This lender usually allows an L.T.V of 80%. You want to purchase another property B for $520,000. But, the appraisal value is $520,000. How much loan can you get for Property B?

	1.	78%, 400,000
	2.	87%, 400,000
	3.	87%, 500,000
	4.	78%, 500,000