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#2092857 - 08/11/16 09:42 PM Appraisal
Joanna Offline
100 Club
Joined: Sep 2013
Posts: 102
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.

Is there anything we can do?

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General Discussion
#2092860 - 08/11/16 09:57 PM Re: Appraisal Joanna
MScarn6942 Offline
Platinum Poster
Joined: Aug 2015
Posts: 756
Land Lacking in Lakes, IL
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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#2092885 - 08/12/16 12:08 PM Re: Appraisal Joanna
Skittles Offline
10K Club
Skittles
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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