what is an investment property ?
it is commonly associated with properties that are either produced for a particular type of tenant, or are modified for use by a particular type of tenant. They are not suitable for multi-use (use by a wide variety of tenants such as an office, retail or industrial building). The modifications are significant enough that future users of the property would have to incur significant costs for conversion to their use. Examples of special-use include automotive repair (if pits or other permanent modifications made to property), restaurant, night club, event center, funeral home, assisted living and self-storage.
Will loan kings accept an existing appraisal?
Existing appraisals can usually be accepted. If the appraisal was completed within the last twelve (18) months, the report should be submitted to our processing department for review. We try to keep borrower costs to a minimum and we generally will accept a current appraisal of good quality.