First 4-Plex Purchase in BC Canada - Looking for Appraisal Advice

[Sheldon Peart]

Hello, 

Looking for some advice regarding a re-appraisal of a property after renovations with one of the big 5 banks in Canada. 

Here is the situation. 

We purchased a 4-plex that had 3 units completed and rented, but the 4th was only partially completed (Approx. 25% complete) and we are completing it as I type. The bank appraised this at 500K, seller was asking for the same price, which makes me believe that the appraiser was possibly influenced by the sellers price since there was no real comps to go by in the last handful of years. Once the renovations are completed and we get a tenant moved in, and lease signed the revenue will increase by approximately 37%, so I want to go back to the bank and get a new appraisal to determine a new value. 

I have read lots about a property needing to be 5 units for the banks to view them as a commercial operation, but this is always referring to the States, but I don't know if this applies to Canada, specifically BC. 

Questions:

1. does anyone have experience in doing something similar with any of the big 5 banks?

2. if so, what's a reasonable value to apply to the property if the revenues increase by 37%? I am thinking 15-20% but not sure how the bank will view this. 

I look forward to any advice or direction, 

Thanks, 

Sheldon