#property-appraisal

#property-appraisal

Many of us have heard about, or will soon learn, the now-infamous Baltimore story. One borrower bought multiple houses on the same block, rehabbing one unit and copying its photos to make the others look renovated on paper. He changed appraisal condition statements, submitted identical photos to multiple lenders and walked through a maze of loans that started as 12-month bridge products and morphed into 30-year Debt Service Coverage Ratio (DSCR) loans.

Ben Ashkenazy extended a loan on the Beverly Connection by two years after the debt was stuck in special servicing due to delinquency, with a recent appraisal at $193 million.