No. A third-party appraisal is not required. We evaluate the collateral ourselves, which is one of the reasons our non-owner-occupied loans typically close in 3–5 business days (owner-occupied loans, available in Oregon and Idaho only, typically close in 7–10) instead of waiting weeks on an appraiser's schedule.
What we look at instead
In asset based lending, the property is what secures the loan, so we look closely at it. We review its location, condition and marketability, the as-is value, and for rehab financing the scope of work and what the property should be worth when it is done. Then we look at your exit plan. Our team lives and lends in these markets, which is what lets us value property without outside help.
Who benefits most
Skipping the appraisal helps when time is short: investors competing against cash offers, borrowers who need rehab lenders willing to fund a property a bank will not touch in its current condition, and heirs using inheritance tax loans to pay estate taxes or buy out siblings without selling an inherited property in a hurry.
Private lending decisions here are made by the people funding the loan, so you get an answer fast. Call 503-941-5473.