Before Christmas, House Bill H.R. 6348 was passed by the Senate with bipartisan, unanimous support to increase the loan amount above which an appraisal is required on commercial real estate. The bill amends the Small business ACE Act and ties the amount to the federal banking regulator appraisal threshold which is $500,000. When the bill is signed by the President and entered into law, we will know more about the effective date of this change. We applaud this change to the law which will help save on costs for a small business to purchase commercial real estate.
Stay tuned for more information!