While we have in house investors that do hard money deals-this property seems as if its already at or near max LTV for hard money.. IF the property appraises at 2.3 (A VERY BIG IF), and it has $1M in equity- that means it has a 1.3 first.. 2.3 x 60% LTV is 1.38M.. Client nets 80k less points.. Doesn't seem to make sense.