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Appraisal Says Vibes, Lender Says No, My Model Says Please

Broker: PSA at $12M Appraiser: Comps say $9.4M and vibes Lender: 55% LTV, DSCR 1.35 on a pro forma we won’t count 🙂 Me: Rebuilding the model at 1:13 AM, begging tenants for estoppels 🧮

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Term Sheet Says Yes, Appraisal Says LOL

Broker: LOI signed, lender nodding, I preorder the 'Closed' banner Lender: send updated T-12, live rent roll, and proof the roof isn’t a rumor Appraiser: found comps from a C-minus two zip codes away—

 
 
 
When the Appraiser Nukes Your Cap Rate at 4:59 PM

Broker: It pencils at 6.25% cap, T-12 trending up, pro forma tight Lender: Committee wants actuals, SNDAs, and my weekend Appraiser: Calls it 'stabilized' then shaves 12% because a 2009 comp sneezed M

 
 
 

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