What is the major concern construction lenders express about the income approach to estimating value?

What is the major concern construction lenders express about the income approach to estimating value?

What is the major concern construction lenders express about the income approach to estimating value? Why do they prefer to use the cost approach when possible? In the latter case, if the developer has owned the land for five years prior to development, would the cost approach be more effective? Why or why not?

What is the major concern construction lenders express about the income approach to estimating value?