Description

Business owners purchasing or refinancing commercial real estate financed by an SBA 504 or 7a loan are required to hire a certified commercial appraiser to prepare a commercial real estate appraisal report which includes the “as is” value of the subject property on the day the report is delivered to the lender.

Every loan applicant needs to know the following regarding the commercial appraisal report.

• The cost is generally between $2,500 - $4,500
• The lender’s appraisal department orders appraisal bids from their approved vendor list
  • This means that neither the loan applicant, lender representative, nor the loan broker order the appraisal bids
• The returned appraisal bids will reveal the delivery date and cost of the appraisal
• The lender’s appraisal department chooses the appraiser based on the business owners goals, ie. delivery time and cost
• The lender’s appraisal department will not disclose the appraiser’s name to the loan applicant prior to selecting the appraiser

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