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When we
consider a deal it is always nice to have an appraisal.
In many instances the borrower already has one
because they often call us when more traditional lenders
have turned the deal down at the last minute. (After having
absolutely been assured that the deal was approved and they
went ahead and spent their hard earned dollars on an
expensive appraisal.)
We
consider the appraisal itself, a start .
When the appraisal is made for some other lender, we really
don't know who we are dealing with. Sometimes the
other guy's appraisal is just fine for us. Sometimes
we may order our own appraisal. And other times we
just take a hard look at the "comps", or we don't
even bother with that.
You
see, many of our loans are against difficult to value assets
in out of the way places. Take a vacant older motel,
what's that worth without an operating history? You
tell me. So, to answer the question, Yes, we often
like a brand new appraisal if that makes sense. If it
doesn't make sense, then we do not require an appraisal.
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