Today we're talking about a topic that sits at the heart of every real estate transaction, yet it's often misunderstood by investors, borrowers, and even some professionals in the industry.

We're talking about the difference between collateral value and equity value.

At first glance, it might seem that a property has a single value. After all, if someone asks what a building is worth, we tend to quote a number. But in reality, the answer depends entirely on who's asking and why they're asking.

A lender looks at value differently than an equity investor.

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