The answer depends on type of property, the loan to value ratio and our experience with the Borrower. Generally, the will rely instead on in-house due diligence, area research, and value opinions from local real estate brokers for all fix & flip loans, and low loan to value loans in strong markets with Borrowers who we know well. That said, the Company will generally welcome an existing appraisal (in lieu of ordering a new appraisal), even if the valuation is dated. Existing appraisals can often help with useful information about the subject property and its submarket.