We have a potential customer who is building a commercial metal building that will cost around $150K and only wants to borrow $70K. Our issue is four appraisers have told us that they can't do an appraisal because there are no comps.
My boss told me earlier today that on commercial properties, you don't have to have a full appraisal until the loan is >$1 million. You can just do an "evaluation" instead.
Please correct me if I'm wrong!
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Skittles
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Joined: Sep 2002
Posts: 13,964
TN
WSB - that is correct for the most part. However, if the loan is over $250,000.00 and the repayment source is from the sale or rental income from the property then a full appraisal is required.
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