Amazing commercial property financing help.
I have a commercial building that an older gentlemen wants to sell to me. The building grosses 171K a yr and profits around 80k included the mortgage the purchase price is 475k it's government agencies as tenants with leases out 4-5 yrs extremely nice building. My problem is determining what it will refinance for on the commercial side I thought appraisals were based on performance of the property but I seem to be getting no where with banks unless I get a 2,500 appraisal. I figure you guys are more experts then anyone I'm wondering based on this info what is this building worth.