Posted By: Joanna
Appraisal - 08/11/16 09:42 PM
We have a potential customer who is building a commercial metal building that will cost around $150K and only wants to borrow $70K. Our issue is four appraisers have told us that they can't do an appraisal because there are no comps.
Is there anything we can do?
Posted By: MScarn6942
Re: Appraisal - 08/11/16 09:57 PM
My boss told me earlier today that on commercial properties, you don't have to have a full appraisal until the loan is >$1 million. You can just do an "evaluation" instead.
Please correct me if I'm wrong!
Posted By: Skittles
Re: Appraisal - 08/12/16 12:08 PM
WSB - that is correct for the most part. However, if the loan is over $250,000.00 and the repayment source is from the sale or rental income from the property then a full appraisal is required.