We have a commercial loan with a current balance of $450k and are about to do a second lien to improve the chicken houses. A state certified appraisal was done 3 yrs ago when the current loan was done for $650k. The second lien loan that's being requested is for $175k, are we required to get another appraisal done?

Thanks,

Your transaction value on the 2nd lien is $175,000. Getting an appraisal would be up to bank policy.

Transaction Value – As defined in the Agencies’ appraisal regulations:
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For loans or other extensions of credit, the amount of the loan or extension of credit;