Discussing the necessity of a commercial engagement letter and what information is important for the appraiser to know prior to accepting the assignment.
A Bank was concerned about a non-performing commercial asset but did not want to incur a large cost for a new commercial appraisal. They had an older commercial appraisal in hand but were worried that the subject market had changed and therefore the market value conclusion may no longer be relevant. The Bank contacted Dart Appraisal to learn what options were available.
A credit union with a lending footprint in mostly rural areas was loaning on a small, but unique property type, in a town hundreds of miles from any metro area. The credit union ordered an appraisal report from a local appraiser. However, the commercial lending executive was unsure if the appraisal met required guidelines. Dart Appraisal was contacted by the credit union to perform a review of the commercial appraisal report.
A community bank with a prestigious customer base was concerned about a complex commercial appraisal that they had ordered directly from a local appraiser. This particular loan asset was very complex and involved several complicated, mixed-use parcels and both FF&E and intangibles.