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#2098420 - 09/14/16 03:19 PM Type of Appraisal? Commercial or Residential
mstark Offline
Gold Star
mstark
Joined: Mar 2006
Posts: 336
Bank
We are trying to figure out what kind of appraisal (farm/home/commercial) we need on a new loan(s). Here is the situation:
268 acres with estimated value of $500,000
Home estimated at $200,000
Tractor parts store- no estimate
All is located on the 268 acres
The primary repayment of the loans will be from the parts store’s income.
We will be making 2 loans:
1) $125,000 1st mtg on the above property in the borrower’s name
2) $400,000 line of credit under the same mortgage in the businesses name
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Thanks

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Lending Compliance
#2100290 - 09/26/16 01:49 PM Re: Type of Appraisal? Commercial or Residential mstark
bgehres Offline
100 Club
Joined: Mar 2005
Posts: 126
I would doubt a residential appraiser would be willing or have the expertise to appraise that kind of mixed use property. Sounds like a farm/commercial appraisal to me.

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#2100327 - 09/26/16 04:03 PM Re: Type of Appraisal? Commercial or Residential mstark
Darth HMDA, CRCM, CAMS Offline
Diamond Poster
Darth HMDA, CRCM, CAMS
Joined: Dec 2013
Posts: 1,385
CA
Agreed. Don't think any residential appraiser would take this on.
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The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

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