Can I Use the Same Commercial Appraisal for Multiple Lenders?

If you’ve ever gone through the commercial loan process, you know that appraisals aren’t cheap—or quick.

So naturally, one of the most common questions property owners and investors ask is:

Can I use the same appraisal for more than one lender?

The short answer: sometimes.

But there are rules and limitations you need to know before assuming one appraisal can work for every bank.

Why Lenders Require Their Own Commercial Appraisals

Lenders use commercial appraisals to confirm that the property’s value supports the loan amount.

Because of federal regulations and internal risk policies, most banks require an appraisal that’s:

• Ordered directly through them (not the borrower).
• Prepared by an independent, certified appraiser.
• Addressed to that specific lender or institution.

This ensures the appraisal is unbiased and compliant with banking regulations.

When a Commercial Appraisal Can Be Transferred

In some cases, an appraisal can be transferred between lenders using what’s called an Appraisal  Transfer Letter or a reassignment.

This is more common in residential real estate but can sometimes apply in commercial lending as well.

Here’s when it might work:

• The original appraisal was completed very recently (usually within the last 6 months).
• The new lender is willing to accept the appraisal and the appraiser agrees to readdress it.
• Regulatory guidelines are still met.

However, not all lenders allow this, and some will insist on commissioning their own appraisal regardless.

Why You Might Need a New Commercial Appraisal

Even if you just paid for an appraisal, you may still need a new one if:

• The new lender has stricter requirements.
• Market conditions have shifted, making the old report outdated.
• The appraisal was addressed only to the original lender, and the appraiser won’t reissue it.

The Bottom Line

While it’s sometimes possible to use the same commercial appraisal for multiple lenders, it’s not guaranteed.

Each lender has its own rules, and federal regulations require appraisals to be lender-specific to ensure accuracy and independence.

If you’re shopping around for financing, ask potential lenders upfront whether they’ll accept a transferred appraisal.

This can save you time, money, and surprises in the loan process.

Real Estate Matrix is one of the Southeast’s premier commercial real estate appraisal firms and has participated in the valuation of billions of dollars in real commercial property assets.

We would appreciate the opportunity to add you to our very long list of pleased clients.

You can give us a call or click here to fill out our Free Quote Appraisal Form.