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Appraisals in Commercial Real Estate Finance & Development

March 21, 2019 @ 12:00 pm - 1:00 pm

Appraisals are part and parcel of every major realistic transaction.  Lenders will not loan without an appraisal.  Loan-to-value ratios are measured against the appraisal.  Most equity investors, particularly institutional investors, will not invest without an appraisal.  Appraisals are not set-piece documents, however; they involve a multiplicity of valuation metrics an different appraisers looking at the same property can and do derive widely varying valuations.  Because of their centrality to real estate finance, understanding structure and content is essential.  This program will provide you with a real-world guide to how appraisals are prepared and used in commercial real estate, their traps, and how they are incorporated into real estate finance and development documents.

Handout Materials will be emailed to you prior to the seminar

1.0 MCLE Credit Hours


• Use of appraisals in obtaining funding for development projects and acquisitions
• Ensuring appraisals are prepared according to standards – and fraud risks if they are not
• Integrating appraisals in underlying operative documents
• What lawyers should look for in appraisals provided to clients – and how to spot traps

Anthony Licata, Taft Stettinius & Hollister LLP – Chicago

Richard R. Goldberg, Ballard Spahr, LLP – Philadelphia