I'm determined and don't want to give up.

That will determine the best marketing strategy to get your listing in front of the right eyes.

I'm not going to do anything at this moment, but if I do not hear anything, I was simply just wondering what the options were or if anyone has had this situation before.  

U simply are not clued into the lending market and the way lenders look at risk thats why you think its a great deal but its only great to you.. most all of us lenders do FAR better than 10% on really nice first position loans with a fraction of the risk.. 

Nobody asked them to determine the "highest and best use" only a market valuation based on its current use!

The solution to this is simply!

@Jean G.The reality is: it dependsIt’s a numbers game where you need to first determine: what yield do I want and what are the outcomes/ risks involved that could impact thatBuild yourself a financial calculator to understand this but also understand you need to know every process and how much it costs and how long it takes90% upb on a commercial property in a non judicial state with equity and default interest at 15% is a great deal but take that same asset in another state which also has long eviction laws and it could be awfulLastly bankruptcy could wipe out some of your lien depending on the type and how the loan was written.

Is it industry standard to use Passthrough's, as the fee's collected for certain item's are simply collected by the management company, then paid directly to the property management company, making the transactions net to zero for presentation?

You will have to pay for an appraisal to and depending on what the value is it will be up to you to determine if you want to proceed or not. 

Based on 1. above determine the maximum amount your willing to pay to avoid a lawsuit and the realistic “target” amount you’d want to pay given what you learned from the attorney consultation3.