How to determine property value for bank loan

[Chance Neel]

A partner and I are looking to buy long term properties for lease. Was hoping to get an example of how a commercial bank values a property for their LTV.

Example:

Office property is listed for $650k. It has a cap rate of 9%.  12yrs on lease. Building is 5800sq ft. 

Is the value a bank looks at the value of the lease, $700k, as well as the value of the property and add them together? If the office space is valued at $300k does that make the overall valuation of the property $1mil