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Appraisal Drop-Kicked My Cap Rate At 11:59pm (Send Excel Tabs)

Broker: we’re clear to close Lender: need one final tiny condition and a re-underwrite Appraisal: conservative aka 12% under PSA; me opening Excel tab #48 🧯 Phase I: finds 1987 dry cleaner under the lot at 11:59pm; Client: so cap rate = my return? Me: NOI minus TI/LC minus reality 😵‍💫

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Broker: It’s a clean NNN, 6-cap, 30-day close Lender: DSCR 1.29—proceeds are vibes; send estoppels, SNDA, and maybe your firstborn Appraiser: Best comp is a goat yoga barn 40 miles away—value down 12%

 
 
 

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