The lender will order his own appraisal no matter what, you can ask for a previous appraisal as part of your due diligence, but in terms of your lender, this appraisal will be useless. The only time we were able to use a previous appraisal was with some hard money lenders where the LTV was pretty low and quick funding was required.
Your lender will have a totally different "perspective" than you: you might be OK with 5% cap rate, but your lender might require valuation of the property with at least 8% cap rate or higher, which will kill the value and will increase your LTV. This is really the biggest issue with commercial lending now: it's not that the money is not available, it is, it's the minimum cap rate requirement changed and it changed values and LTV's.
Also, check the reason for the seller's appraisal 6 months ago: was it done for a refi that didn't go through? or did the seller purchased and rehabbed the building 6 months ago? or was it just an FYI appraisal so that the seller could give it to to the buyer and justify higher price? Either way, a commercial appraisal is not cheap, and a seller wouldn't spend $2k-4k with no reason, and knowing that reason might give you some negotiating power.
Feb 1, 2011