Appraisal Coming Soon

One aspect of obtaining a construction loan is getting an appraisal for the project (land value + building value). Given the volatility of the financial markets this past week, we were understandably a bit concerned about how the appraiser would view our project. Tonight we received an email from our mortgage broker stating the following:

Just an FYI that the appraiser loves the plans. Here is some of what he has told me:

We are working on Falls Church property. It is an inspiration what they are doing.

The subject property is extremely close to West Falls Church Metro, where there is to be a large new town to be built this Spring.

They are so smart and got a great price on the lot too. Brilliant! Appraised value will indicate an entrepreneurial profit after all costs (acquisition & construction). $X-$X at the end of the day.

Again it is such a blessing/inspiration to be a part of this process. I repeatedly communicate to people of how great open floor plans/contemporary architecture is. My favorite modern edifices are Dulles Airport, the East Gallery and Falling Water.”

We should see a report early next week I hope.

The appraisal is the key ingredient for our financing. Without financing, there's no Falls Church Erdhaus. Needless to say, this email made our day. Sorry for X-ing out the numbers in the quote above, but you understand.