#1. For Non-Recoarse Loans, (these Bridge Loans) will charge $ 4,000 apprazel (local Banks 1,100.) $2,000 Engineering and $2,000 Enviro? Is it “worth” these High "costs "?and #2 10 grand a space on B Class parks , (about 200 space) overall, would most consider this average, or good, or, no big deal or ?
Those “high costs” are buying you a low, fixed interest rate (if conduit), a 10 year term typically, and non-recourse – that’s a bargain. You’ll make those costs back in a year based on the interest rate alone.As far as #10,000 per lot, I need a couple more pieces of data on that 200 space park: 1) how many lots are occupied and 2) what’s the lot rent?
Your local “expert” appraiser that charges $1,100 will rubber stamp an appraisal and value the park at exactly what you pay for it. You won’t get any useful information and it isn’t going to be worth the paper its printed on. The $4,000 appraisal should have some good useful data including competing lot rents, vacancies, typical park expenses, market data on unemployment, major employers adding or subtracting jobs, etc. Or at least it would if I were writing it…