The Law Of Unintended Consequences - Reusing Appraisals After New York Rent Laws Were Revamped
GDB Firm Blog
JULY 15, 2019
Last month, New York State's residential rent statutes were substantially rewritten. For now, let's focus on appraisals of multifamily buildings. FDIC appraisal regulations permit a bank to re-use an existing appraisal for a subsequent modification or extension of a loan, even when new money is advanced, if "There has been no obvious and material change in market conditions or physical aspects of the property" that threatens the adequacy of the collateral protection." Many
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