Commercial Appraisal

Now - for a limited time - No appraisal fee on refinance and line of credit transactions between $250,000 and $500,000. November 10 - January 15, 2009

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Commercial real estate appraisals are generally more complicated than residential appraisals.

To expedite and increase the efficiency of the commercial appraisal process, we have partnered with Mercury Real Estate Services.

Mercury maintains an extensive database of qualified commercial appraisers. Based on the location and property type Mercury asks several appraisers to bid on a project and then awards the contract based on best price, turnaround time and fit for the particular property.

After choosing an appraiser, Mercury uses an Engagement Letter and “kick-off” call when required to provide a blueprint to our valuation approach. This ensures the appraisal answers all of our questions regarding the property – ensuring a complete report and increasing the likelihood the loan will close.

Advantages of the Mercury Process

The Mercury process is designed to make the appraisal easier for all parties involved. Ordering your appraisal through Mercury has the following advantages:

Mercury uses a competitive bidding process for cost.
Mercury ensures appraisers are certified and experienced in the specific property type.
Mercury has a network of appraisers in most geographic areas.
Mercury-ordered appraisals has various underwriting advantages.
Mercury generally engages an appraiser within 3 business days of receiving an appraisal order.

We will review an existing appraisal on a property as long as it is not older than six months. In order to maintain an accurate valuation of the property we cannot look at appraisals older than this date. Outside appraisals must conform to our content requirements. Contact your Loan Officer for more information.

Ordering the Appraisal

To order the appraisal, submit the following items to your Loan Officer:

Signed Pre-Approval – once you understand the terms and conditions outlined in the pre-approval sign the form and return it.
Fee Disclosure/Payment Authorization – this form lists the appraisal fees and provides an area for you to list the payment type. Mercury accepts credit cards (Visa, Mastercard, Discover), certified checks and check by phone. Credit cards are recommended to expedite processing. You must also sign this form.
Additional Documentation – in addition to the standard forms, most deals require the following items:

Agreement of sale (if a purchase)
Rent roll (if a rental property)
Commercial leases (if rental property)
Pictures

During the Appraisal Process

Once all the necessary items to begin the appraisal process are received, your Loan Officer will notify you of turnaround time and the exact fee. In most cases, any differences in the fee are reconciled at closing (see your Loan Officer for exceptions). As stated above, Mercury engages the appraiser within 3 business days of receiving the order. At this time the Loan Officer also moves the loan file into processing.

In most cases you will be contacted by Mercury to verify the information submitted in the appraisal request.

Mercury-ordered appraisals typically take between two and four weeks. Direct any questions you have regarding the Appraisal Process or content to your Loan Officer.

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