Appraisal Day: When Your 1.27 DSCR Turns Into Interpretive Dance

Broker: DSCR 1.27, 65% LTV, estoppels done — easy close Lender: Committee loves it, just need final-final appraisal Appraiser: Val down $2.4M because Starbucks is coffee-adjacent and T-3 betrayed T-12 ☕ Me at 2:07am: killing circular refs, haircutting NOI, manifesting 1.20 DSCR like a spreadsheet shaman 😂