Inroads Realty, a Dallas-based retail real estate company, announced today a partnership with Arkansas-based CVC (Collateral Valuation Consultants) to provide evaluation services as an alternative to higher-priced appraisals.
These products are designed for loans that are non-federally related transactions (non-FRTs), which include:
- Transactions in which the “transaction value” (generally the loan amount) is $250,000 or less for residential and $500,000 for commercial properties.
- No limit on renewals, refinances, or other transactions involving existing extensions of credit as long as no new money is being funded; and
- Real estate-secured business loans with a transaction value of $1,000,000 or less and when the sale of, or rental income derived from, real estate is not the primary source of repayment for the loan.
CVC has developed proprietary software to create reports that are very clean and easy to understand. The software allows the client to track the status from start to finish, as well as make any changes to the scope of work while communicating in real time with the evaluator via Forecast, which is designed to expedite the lending process and simplify client reporting.
The Texas group will be led by Drew Childress, who is a commercial appraiser with years of experience in commercial real estate. According to Mr. Childress, “The services we’re providing are not traditional appraisal products. Our services are extremely beneficial on the residential side to a potential homeowner who can obtain an evaluation of their property in lieu of a traditional appraisal for a significantly reduced price. The commercial product has many of the same advantages but is used more often for loan refinances, modifications and renewals. These products are great when time is of the essence and a full appraisal is not necessarily needed. Our evaluations are not USPAP compliant and are not meant to be in competition with other appraisal products.”