Lost on ARV......

[Dustin Lyle]

My cousin and I are in the process of putting a 12,000 sq/ft warehouse under contract... My question is... If we went the route to get an ARV loan, Who would say what the ARV would be? now I know the answer is probably going to be the bank's appraiser, BUT, a warehouse is not something our local banks are appraising very often, As a matter of fact.... the selling agent had NO Comps within 5 miles sold within 5 YEARS! Its a steel building with block walls and the cost to build the building today is 500K+... would that be something the bank would go off of? The man that's selling the building was the original owner/builder in the early 90s. Selling @ 185K.