Broker Math vs Appraiser Math: Final Boss Round

Broker: We underwrote a 6.25 cap, 75% LTV, DSCR 1.30—feeling spicy Lender: Need updated T-12, current rent roll, estoppels, and a blood oath by EOD Appraiser: Used a 9.1% cap because one comp had a pizza tenant in 2015 Credit Committee: DSCR now 1.24, come back with more equity… or a time machine Me at 4:59pm Friday: "Appraisal short $600k, seller ‘holding firm’—activate retrade mode" 😵‍💫