Our appraisers have access to a growing database of over 4 million items to research market values of equipment. Commercial Loan Officers are able to sleep at night…when a bank examiner reviews their files.
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Pittsburgh, PA (PRWEB) July 20, 2010
Equipment Appraisal Services, a nationwide provider of certified USPAP (Uniform Standards of Professional Appraisal Practices) compliant certified machinery and equipment appraisals, announces the addition of the Equipment Value Express product. “Machinery and equipment appraisals are often required in time sensitive loan situations,” says company President Kipp Krukowski. “Our Equipment Value Express product is designed for rapid turnaround without sacrificing the quality of a certified USPAP compliant report.”
A desktop appraisal report is typically used to determine value without the expense of an on-site inspection. Detailed information needed for the appraisal such as manufacturer, model, year, serial numbers, condition, and pictures are provided to the appraiser to research and calculate fair market value. “Our appraisers have access to a growing database of over 4 million items to research market values of equipment. Relying on book values or opinions of uncertified individuals for estimates is a red flag for bank examiners and exposes the lender’s lack of risk management policies.”
The standard Equipment Value Express desktop summary appraisal report of up to ten items can be completed by the appraiser within 72 hours from receipt of the required information. Businesses with more items can be completed in a slightly longer turnaround time. Lenders often use, or internally discount, the fair market value to calculate the borrower’s collateral. In addition to values, the remaining useful life of the assets is also estimated which can be used to help the commercial loan officer consider the company’s future capital expenditure requirements. “Risk management of business loans has never been more important than now due to the scrutiny of bank balance sheets. Commercial Loan Officers are able to sleep at night knowing that their loan decisions were based on independent third-party conclusions of value when a bank examiner reviews their files.”
About Equipment Appraisal Services:
Equipment Appraisal Services is a provider of nationwide certified USPAP (Uniform Standards of Professional Appraisal Practices) machinery and equipment appraisal reports for lenders, attorneys, accountants, and business owners. With local offices in Cleveland Ohio, Detroit Michigan, and Pittsburgh PA, the company also provides onsite machinery and equipment appraisal services. More information on the company can be found at EquipmentAppraisal.com.
Equipment Appraisal Services