I'm reviewing a commercial line of credit that is secured by 3 SFR properties, and the credit request states that the purpose is to refinance an existing HELOC and establish a business purpose line of credit secured by SREM on personal residence. The commercial LOC will be used to maintain and repair three rental properties.
My question is, what are the requirements for appraisals related to this loan? They appear to have just performed evaluations on the personal residence that isn't one of the rental properties. Is that acceptable? This is just a strangely structured loan. Thanks.
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Giddy up.