Understand how income drives property value

Learn how NOI, cap rates, and expense normalization determine value so you can interpret appraisals and evaluate deals with greater accuracy.

See how appraisers analyze and adjust market data

Understand how comparable sales, market conditions, and property differences are evaluated so you can set realistic expectations and avoid valuation surprises.

Learn how appraisals impact loan proceeds and deal outcomes

Follow how value flows into LTV, DSCR, and final loan sizing so you can better position transactions and manage client expectations.

A Practical Introduction to Commercial Appraisals

Commercial appraisals are one of the most misunderstood parts of the lending process, especially for professionals coming from a residential background. Many assume value is driven by comparable sales or contract price, when in reality it is driven by income, risk, and sustainable performance. This course provides a clear, practical introduction to how commercial appraisals actually work. You’ll learn how value is determined across the cost, sales, and income approaches, how appraisers normalize financials, and how appraisal conclusions directly impact loan proceeds. The goal is to give you a working understanding so you can evaluate deals more effectively, communicate with confidence, and avoid common issues that delay or derail transactions.

Academy For Commercial Lending

I’m Michael Boggiano, and I’ve spent more than 25 years originating and structuring commercial real estate loans, with a focus on small balance and multifamily lending. My experience comes from working directly on transactions across multiple market cycles and understanding how lenders evaluate value, risk, and deal execution. Throughout my career, I’ve seen how often appraisals become a point of confusion, particularly for professionals transitioning from residential to commercial lending. Through the Academy for Commercial Lending, my goal is to break down these concepts into practical, usable insight so you can evaluate deals more effectively, set realistic expectations, and approach transactions with greater confidence.

Curriculum

9 Chapters · 18 Lessons

  1. 1

    Chapter 1 : Introduction to Commercial Appraisals

    1. (Included in full purchase)

      Lesson 1: How Commercial Appraisals Work and Why They Matter

    2. (Included in full purchase)

      Chapter 1 - Quiz

  2. 2

    Chapter 2: How Commercial Appraisals Differ from Residential

    1. (Included in full purchase)

      Lesson 1: Income, Risk, and the Commercial Valuation Process

    2. (Included in full purchase)

      Chapter 2 - Quiz

  3. 3

    Chapter 3 The Cost Approach and Highest and Best Use (HBU)

    1. (Included in full purchase)

      Lesson 1: How the Cost Approach and HBU Influence Value

    2. (Included in full purchase)

      Chapter 3 - Quiz

  4. 4

    Chapter 4: The Sales Comparison Approach

    1. (Included in full purchase)

      Lesson 1: How Comparable Sales Are Analyzed and Adjusted

    2. (Included in full purchase)

      Chapter 4 - Quiz

  5. 5

    Chapter 5: The Income Approach and Cap Rates

    1. (Included in full purchase)

      Lesson 1: How Income and Cap Rates Determine Value

    2. (Included in full purchase)

      Chapter 5 - Quiz

  6. 6

    Chapter 6: As-Is vs As-Stabilized Value

    1. (Included in full purchase)

      Lesson 1: How Value Type Impacts Loan Proceeds

    2. (Included in full purchase)

      Quiz - Module 6

  7. 7

    Chapter 7: Reconciliation, Risk, and Execution

    1. (Included in full purchase)

      Lesson 1: How Appraisals Impact Loan Proceeds and Deal Outcomes

    2. (Included in full purchase)

      Chapter 7 - Quiz

  8. 8

    Hand Outs

    1. (Included in full purchase)

      Handout - Financial Terms & Ratios in Commercial Appraisals

    2. (Included in full purchase)

      Handout - How Lenders Use the Appraisal (Loan Sizing & Decision Framework)

    3. (Included in full purchase)

      Handout - 3 Approaches to Value

  9. 9

    Final Exam

    1. (Included in full purchase)

      Final Exam

What Mortgage Professionals are Saying

Feedback from professionals who have strengthened their understanding of commercial appraisals and improved how they approach transactions.

”
"This course clarified how commercial appraisals really work. It helped me understand how income and market assumptions drive value, not just comparable sales.”
Mark

Mortgage Broker - Austin, TX

”
“Very practical and easy to follow. I now have a much better understanding of how appraisals impact loan proceeds and deal structure.”
Ann

Loan Officer -  Boston, MA

”
“One of the most useful breakdowns of commercial valuation I’ve seen. It connects directly to how lenders evaluate risk and make decisions.”
Clayton

Mortgage Professional  - Nashville, TN

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