Loan-to-Value Upmarket Builders, a builder of fine homes, owns twenty 2-acre lots in a subdivision outside of
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Loan-to-Value Upmarket Builders, a builder of fine homes, owns twenty 2-acre lots in a subdivision outside of Princeton, New Jersey. The 5,000-square-foot homes built on these lots will sell for $2 million. Appraisers value the lots at 30 percent of the final home price. Regent Bank is willing to make a land loan at a 50 percent loan-to-value. How much will they lend?
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