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com) has announced that it had just completed a $3 million loan secured by a special-purpose property in Ohio, says Kevin Wolfer, CEO of the Englewood Cliffs, NJ-based direct private lender.
If the current use of a special-purpose property is physically, functionally or economically obsolete and no alternative uses are feasible, the highest and best use of the land might be realized by demolishing the structure and selling the remains for their scrap or salvage value, if possible.
The concept of a special-purpose property is often confused with the concept of a special use or limited-market property.
Under the revised policies, a lender must obtain an independent appraisal performed by a certified general real property appraiser who has experience appraising the specific business property type in question in transactions where a loan financing the acquisition is more than $250,000, or when there is a close relationship between the buyer and the seller and the business operates from a special-purpose property.
This is a valuable resource for locating an individual who has worked on a particular type of special-purpose property, especially if nothing comes from a literature search.
Where a business valuation is required by the SBA, its requirements give real property appraisers the authority to include the required business valuation within a real estate appraisal when the SBA loan is being used to purchase a special-purpose property.
California's approach may be more appropriate to value just compensation for any special-purpose property or other property lacking a relevant, comparable market.
If the abstract does not mention the type of special-purpose property in the case study and the full text is not searchable (e.
Appraising industrial special-purpose property has become an important topic because specialization in assets has increased the number of special-purpose properties.
20] They also emphasize in their article that classification as a special-purpose property is extremely important.
According to The Appraisal of Real Estate, "The highest and best use of a special-purpose property is probably the continuation of its current use, if that use remains viable.
One of the main differences between the special-purpose property market and the office, retail, or industrial markets is the potential occupants (or tenants).