The problem with Manafort’s claim that his condo is worth $6 million, they wrote, is that it isn’t based on any appraisal or estimate of the actual apartment. Instead, Manafort used an appraisal for a different apartment in the building that he said was worth $4.5 million, and then he tacked on an extra $1.5 million because, he said,........ his apartment is on a higher floor......., making it more valuable.
coincidence?
Without more evidence that a Q claim, I think so.
If Cohen alleges his place was broken into, or that evidence was planted, or if the FD cites arson, etc., I'll revisit my point of view. Same with Manafort and any loss of value due to fire and negative publicity.
It’s up to the bank making any loan to do due diligence by getting a proper professional appraisal of any property being used to secure the loan, not take the borrower’s word for it, especially after the property valuation inflation crisis caused the crash of the real estate market in 2008. Fake mortgage valuation almost destroyed our economy. No one is going to accept the borrower’s word or even HIS appraisal. They do their own.