Over the years I have prepared close to 500 individual machinery / equipment appraisals for bankers, SBA loan participants, and FDIC assignments.
Something new is happening. It seems to me that regulators have started to mandate that bank files be updated in situations where current machinery / equipment appraisal documents are missing. Recently, I have been approached to bid on several document update projects all over the country. All requests for bids have the same common denominator…files need to be updated pursuant to regulatory directives.
If regulatory agencies are starting to review loan files for up-to-date appraisals to substantiate loan and lending collateral coverage, then maybe it is time to update older appraisals in your files. Most likely, if you have a loan that is more than two or three years old, an appraisal update on the machinery / equipment collateral is probably needed.
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Thank you for thinking of us for your next machinery / equipment appraisal needs.