Without a doubt, an Evaluation is the most underutilized tool available to bankers today. MidLantic is one of the few companies in the entire Baltimore-Washington corridor that specializes in the preparation of Evaluations for Residential and Commercial Properties.
MidLantic has performed more than 575 Evaluations for area financial institutions since 2001, valuing everything from a $55,000 building lot to a $20 million hotel for a loan renewal. Whatever the case or need, a MidLantic Evaluation meets all of the regulatory requirements for an Evaluation.
Our Evaluations are often described as “appraisals without all the junk in them!” Lenders and Borrowers love them, the price is right and the process delivers an accurate value and property report.
What is Included in a MidLantic Evaluation?
As mentioned, many of Midlantic’s clients describe our Evaluations as “appraisals without all the junk in them!” Here’s what you get at minimum when you engage MidLantic to prepare a property Evaluation for loan collateral purposes:
- A personal visit and inspection of the property
- No less than three comparables for sales or rents as required
- Market-based analysis and comparable adjustments
- An Income Proforma and value conclusion based on capitalization when leases or a rent roll is provided
- Photos of the subject and comparables
- Location Map
- Transmittal Letter
- 7-12 day turnaround time
- Electronic transmittal if desired
When Can I Use a MidLantic Evaluation?
As set forth in the Interagency Appraisal and Evaluation Guidelines, the agencies’ appraisal regulations allow an institution to use an Evaluation for collateral real estate rather than an appraisal when the transaction:
- Has a value of $250,000 or less;
- Is a business loan of $1,000,000 or less, and the transaction is not dependent on the sale of, or rental income derived from, real estate as the primary source of repayment (excellent for owner-occupied real estate); or
- Involves an existing extension of credit provided that (i) there has been no obvious or material change in the market conditions or physical aspects of the property that threaten the adequacy of the collateral, even with the advancement of new monies; or (ii) there is no advancement of new monies other than the funds necessary to cover reasonable closing costs.
Are There Geographic Limitations for MidLantic Evaluations?
MidLantic has performed more than 550 Evaluations for area financial institutions since 2001, valuing everything from a $55,000 building lot to a $20 million hotel for a loan renewal. Borrowers love them, the price is right and the process delivers an accurate value and property report. Unfortunately, we limit the geographic area for these Evaluations to:
- District of Columbia
- State of Maryland—all counties
- State of Virginia—limited to the following counties/cities: Fairfax, Arlington, Alexandria, Falls Church, Loudoun, Prince William, Manassas Park
Evaluation Fees
Our fees for Evaluations are based on the scope required or requested and each fee is negotiated after we’ve had a chance to review the request—in many ways just as an appraisal is engaged. Fees range from $350 to as high as $1,200 depending on the scope, keeping in mind that we can usually deliver the final product in hard copy or pdf. within 7-12 days.
Samples
MidLantic will be happy to provide examples of our work. Please e-mail us or contact us by phone at 410-549-5621.