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My Excel Says 6 Cap; Lender Says New DSCR, Who Dis?
Me underwriting at 2am: shave 10 bps off exit cap and boom, IRR hits influencer levels Lender 9am: cute; bump to 1.35x DSCR, no IO, add TI/LC reserves and a springing lockbox Seller noon: price firm, roll me your estoppels, and BTW taxes reset like a SpaceX launch IC 3pm: show T-3, T-12, and T-who-hurt-you; Excel: #VALUE! fan screaming like a turbine 😵💫
ricklahkar
May 141 min read
When Excel Says 18% IRR But The Rent Roll Says “LOL”
Broker: Proforma is “conservative” at 5% vacancy Me in Excel: delete reality until DSCR=1.25 and IRR=18% 🧮 Lender: Cool—send T-12, rent roll, tax certs, and your first-born Excel: #VALUE! the second I add real taxes; deal re-traded into dust 😵💫
ricklahkar
Apr 151 min read
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