I'm an experienced commercial property manager with 15+ years managing large shopping centers.

Most residential lots or Residential sale which cannot be used for Mixed use like strip center or warehouse.

If he is already quoting laws he may be aware of this requirement even if the background check isn't the main reason for the denial:https://www.ftc.gov/tips-advice/business-center/gu...Also, keep it simple as you don't want to give reasons for the denial and have that be used against you.  

Let's say there are 2 major projects (in my case, Barclay's Stadium and the new World Financial Centers are very close by), then I would use 3 projected appreciation rates to arrive at a future price.Let's say, conservative is 5%, normal is 7%, and optimistic is 9% over a 10 year basis.Now I take my FMV determined by the calculation in 1) and carry that forwards for each 10 year projections:So the 10 year pro forma tells me my $2.4 Million Investment will be worth either a Conservative $3.9 Million, a Normal $4.7 Million or an Optimistic $5.7 Million.I will tell you that even my most optimistic assumptions have been way too low.I generally use the conservative projection in my Internal Rate Calculations.Anyway, this is actually a real example as I am planning on being in contract with a $2 Million property soon.I think for many of the Investors here, this is new math for them.

Thank You Bill..Unfortunately I fall into the group you covered in your last sentence..On another note..I picked up your book at the Pasadena Convention Center (attended Hibas presentation) ..reading through it now.

@Evan Bell; i guess there's not specific joke about chase, but i think what @Nick Watkins was trying to point out was the inflexible nature of "money center" banks (think wells, chase, bofA), you now the big boys with trillions and billions in assets to really help out/build that relationship.

I see myself also buying shopping centers in the future.

I'm glad I could help :)It would be worth mentioning that there is a very large 85 acre shopping center being built in Herriman/Riverton right now.

Old malls have been croaking for awhile but if location is good can easily be re-engineered for tenant mix or torn down and something else built in it's place.These days I focus on and my clients internet resistant tenants for mixes of a center.  

As the caveat, I'm much more cashflow centered than appreciation.