You might be getting different outputs because you don't have the same ranges selected...
=MAX(IF(OR(('large loans'!
$L$6:$L$17="Toronto"),('large loans'!
L6:L17="Vancouver")),'large loans'!
B6:B17,))
=MAX(IF(('large loans'!
L7:L18="Toronto")+('large loans'!
L7:L18="Vancouver"))'large loans'!
B7:B17,))
Im not saying that this is what's going on, but if you want to compare the results from two formulas at least apply them to the same range... Try changing the second one to this:
and then compare the results. You can't compare inconsistent formulas.
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