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#2098420 - 09/14/16 03:19 PM Type of Appraisal? Commercial or Residential
mstark Offline
Gold Star
Joined: Mar 2006
Posts: 336
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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#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
Joined: Dec 2013
Posts: 1,387
Agreed. Don't think any residential appraiser would take this on.
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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