Get a commercial appraisal prior to shopping for a cash out refi?

[Dan Reece]

I have 2 commercial properties that I’m looking at Cash Out refinances for within 6 months after owning them for over a year. 

What’s the risk if I pursue my own commercial appraisal vs waiting on the bank to order it?

Almost all of my 7 commercial closing dates have been pushed due to waiting on appraisals. I think I’d rather have it in hand and be able to shop the refi around vs having the bank order it while they underwrite. I know this isn’t as common but I think it should give me more control. 

I understand I’ll need to front the cash for it but is there a time frame that they would expire? 
Is there anything else that I may be missing? 

[Nick Belsky]

@Dan Reece

Most commercial lenders I work with will not even consider an appraisal transfer unless it was done through an AMC. There are some out there that would take it after a quick review. My suggestion would be to base your numbers from the appraisal you ordered, then have a mortgage broker shop around with the appraisal in hand. It normally only takes a few days to get feedback from lenders on whether or not they will accept the appraisal. Then you can get terms from the ones that will and go with the best offer.

The biggest risk is that you'll have to pay for another one.  For refinances, the time constraints are not as critical (normally).

Cheers!