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