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Updated almost 6 years ago on . Most recent reply

David de Luna's profile image
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David de Luna
  • Rental Property Investor
  • from NorCal
  • Member since Jul 26, 2018
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David de Luna's profile image
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David de Luna
  • Rental Property Investor
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David de Luna
  • Rental Property Investor
  • NorCal
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Multi-Family and Apartment Investing

Will commercial lender insist on own appraiser?

David de Luna
  • Rental Property Investor
  • NorCal
Posted

I'm in contract on a 7 unit deal. One lender who made an offer wants an appraisal by any certified appraiser. If I change my mind about this lender, would another commercial lender use the appraisal or would I have to pay for another appraisal? 

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Jessica Zolotorofe
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Jessica Zolotorofe
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Jessica Zolotorofe
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  • New Jersey
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Jessica Zolotorofe
  • Attorney
  • New Jersey
Replied

The bank will likely require a new appraisal. They can reuse surveys and title, even environmental usually, but not usually appraisals. 

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