July 18, 2018
By Bob Coleman
Editor, C-Suite Wednesday
C-Suite Wednesday — Legislation Introduced to Raise SBA CRE Appraisals to $500k
Last April, the FDIC raised the threshold of requiring an appraisal from $250,000 to $500,000 in commercial real estate transactions.
The problem is SBA’s regs still require appraisals at the $250,000 level.
Bipartisan-supported H.R. 6348 solves this problem by changing the wording for the SBA 504 loan program to match FDIC levels.
Say’s NADCO’s Barbara Vohryzek, “The Small Business ACE Act will provide meaningful change across the country by reducing an unnecessary burden on our nation’s valuable small businesses, particularly in rural areas. NADCO and the 504 loan practitioners it represents appreciate that Rep. Curtis is committed to streamlining processes for these businesses and fixing the outdated appraisal threshold to help these entrepreneurs attain quicker access to needed capital as they look to grow.”