6plex did not appraise (lender wants to use comps)

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Hey guys, I have a question.

I’m buying a 6 unit complex in Seabrook TX for 460k.

The lender (city bank of Texas ) said initially that they could do a desktop appraisal. I went with them because they are a local bank and have good terms .

Now that we are at the finish line, they told me that the appraisal is coming very low and that they need comps. I told them to use the income approach and cap rate as this is what should be used to determine value. There are no comps because these properties sell off market and seabrook is very single family oriented.

I am 3 weeks to closing, and now have this huge issue. They are saying that I need to pay $2800 to get a 3rd party appraiser which I think is an outrageous number and I don’t think will make a difference.

Are they doing something wrong ? Or is this how it’s supposed to be ? Why are they needing comps?!!

Any help will be appreciated.


What’s the rents for a 6 plex in your area?  I bought one last year at 420.  Super low cap rate. Could only imagine what another 60,000 would do to the cap rate