Appraisal Came In, My Sanity Checked Out

Broker: Pro forma says 1.35x DSCR easy Lender: Great, just need final rent roll, T-12, estoppels, and a blood oath Appraiser: Value supports purchase… if 2007 returns from the dead 🧟 Me to client: Leverage is 55% because comps are vibes and a broker’s webinar 😬