Property valuation firm LRES will now offer commercial evaluations as a result of its March acquisition of InsideValuation.
The evaluations will combine various approaches including comparable sales analysis and an income approach. By doing an evaluation instead of a traditional commercial property appraisal, the costs are reduced by up to 75% and the turn times are cut by at least 50%, LRES said.
There are a number of cases covered in the Interagency Appraisal and Evaluation Guidelines that allow the lender to forgo a full appraisal, it added.
The commercial evaluations will be performed by the Orange, Calif.-based company's network of 25,000 field agents. A separate portal for the evaluations performed by the InsideValuation team was developed by the LRES technology team.
"Our commercial evaluations live up to the high standards we place on our residential valuations, and our diversified offering provides even more options for our valued customers," LRES Chief Executive and founder Roger Beane said in a news release Wednesday.
LRES acquired Reno, Nev.-based InsideValuation earlier this year to enhance its product offerings and client base, according to the company's April 13 news release outlining the deal.
The reports will be compliant with Interagency Appraisal and Evaluation Guidelines and requirements from the Office of the Comptroller of the Currency.
