Mortgage appraisals

OFFICIAL DOCUMENT REQUIRED WHEN APPLYING FOR A MORTGAGE LOAN

Mortgage appraisals are reports that determine the valuation figure of property assets and other associated rights when applying for a mortgage loan. In compliance with Order ECO 805/2003, the reports are carried out by valuation companies that are certified and supervised by the Bank of Spain.

A mortgage appraisal is an obligatory document when applying for a mortgage, and should therefore be required by the financial institution to be processed.

Assets susceptible to mortgage appraisals are:

  • All types of property assets: individual residences, developments, land, rural estates, warehouses, shops and commercial buildings and work checks for all of them.
  • Rights: administrative concessions, surface rights, easements, life estates, beneficial ownership, use and habitation, limits on ownership, options to purchase, etc.
  • WHO IS IT FOR?

    COMPANIES
    WITH ALL KINDS OF ASSETS NEEDING A MORTGAGE LOAN, TO REFINANCE A DEBT OR TO LEASE A PROPERTY ASSET (REAL ESTATE LEASING)

    INSTITUTIONS
    THAT MUST REVIEW THE REAL GUARANTEES ON GRANTED LOANS AND UPDATE THE ASSET APPRAISALS RECEIVED, LINKING THEM TO CHANGES IN THE MARKET.

    INDIVIDUALS
    WHO NEED TO APPLY FOR A MORTGAGE LOAN TO PURCHASE A HOME, SHOP, PLOT, PIECE OF LAND, RURAL ESTATE, ETC.

    CLIENT experiences

    1. THE SITUATION. An entrepreneur in the industrial sector needed to renegotiate his debt with a financial pull. He has a large portfolio of different types of properties scattered around the country, with some assets located in Portugal and Latin America: industrial warehouses, several shops, some land, a commercial building, apartment buildings, parking spaces and a small development under construction. The entrepreneur received various appraisal quotes from valuation companies, but he faced the problem that they were not approved by the bank of the syndicate of credit institutions.

    2. OUR SERVICES. Tinsa was easily able to offer the service, as it has qualified technicians not only in all Spanish locations, but also in Portugal and the Latin American countries where the entrepreneur had assets. Knowledge of the different local markets aided in how quickly and precisely the valuation was performed.

    3. THE RESULT. The client was completely satisfied with the service and was able to renegotiate his debt thanks to the issued valuation reports which were accepted by the financial institution without any problems.

     
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