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Appraisal Came In 'At Value'—After Lender Moved The Goalposts

Broker: NOI is stabilized, DSCR 1.35x—trust the rent roll Lender: Neat, now underwrite 10% vacancy, 1.25 DSCR at 8.25% and full TI/LC escrow Appraiser: Best comp is a cornfield 27 miles away—major adjustment: “vibes” 😵 Me: LOI said 65% LTV; term sheet says “LOL”—equity stack has entered the chat 📉

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Cap Rate vs Reality: Lenders & Appraisers Edition

Broker: 6.0 cap on T-12, smooth as butter Lender: T-3, 10% vacancy, DSCR 1.30, rate cap escrow, cool? Appraiser: Market cap 7.75, roof 'vintage', minus $400k reserves 😐 Me: Price now pencils at 'expo

 
 
 
The 4:59 PM Appraisal Drop That Nuked My DSCR

Broker: It’s a 6.0 cap, lender soft-quoted, Friday close vibes Appraiser: 2019 comps + "market vacancy 10% just because" 😐 Lender: DSCR 1.18 now, cut proceeds, escrow rate cap, need SNDA + fresh ALTA

 
 
 

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