Use Purchase Appraisal To Determinr ARV

[Mario Brown]

As I begin the process of refinancing a couple of buildings that I have successfully repositioned, I’ve been a little skeptical of using the cap rate in the original appraisal. 

My Question....

Assuming the building’s conditional rating remains the same. ( Example, purchase a C+ building and it remains a C+ building)  is it....

Highly Likely,

Likely, 

Unlikely or 

Highly Unlikely 

....that the the next appraisal for the refinance will use the same cap rate? It's only been a year, so let's assume the market is still trading this asset class at the same capitalization rate. In other words, before going through the whole refinance song and dance, can I just capitalize the increase in NOI by the same rate used by the original appraiser to get a pretty close estimate of value OR are there other factors that could dictate the cap used by the refinance appraisal?