Commercial loans

Important information regarding Commercial Valuations

Purpose

The purpose of a valuation is to determine the current market value and the suitability of the property for mortgage security purposes. Please note that valuations are completed on an independent basis and are for mortgage security purposes only.

Reasonable access to the property must be granted and additional information / documentation may be required by the Valuer to complete the report. This includes but is not limited to:

- Building plans
- Building development approvals
- Building inspections
- Environmental assessments
- Lease documents
- Tenancy information
- Financial statements Lease
- Contract of sale

As property values change over time reassignments will only be accepted if the report is still within 90 days, completed by a valuation firm acceptable to ING and agreed to by the valuation firm. NOTE – the valuation firm has the right to decline the banks reassignment request if they believe a reinspection of the property is required.

Valuation Firms

A list of our current accredited Valuer firms and the areas they service for standard commercial securities (for example: Office, Industrial or Retail properties) not requiring a quote is available below.

Commercial Valuer firms

It is important to note that you can request that a valuation be allocated to a specific Valuer firm on our panel at any time.

When a quote is not required and you have not requested allocation to a specific Valuer, the valuation request will be ordered via a valuation management system (ValEx) to ensure the request is outsourced on a random basis to appropriate Valuer who holds local knowledge and competence in the geographical area of the property being valued.

When a quote is required ING will source up to three quotes and provide all options to the customer to choose.

The customer is liable to pay the valuation fee where the bank advises that a valuation report is required. A copy of the report will be provided to the customer upon settlement of the loan.