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The CRE Humor Jokes

Broker Math vs Appraiser Math: The Cap Rate Cage Match

ricklahkar
Jul 20
1 min read

Broker: Underwritten at 6.25% cap, clean T-12, lender-ready Lender: Cool—reconcile 4 NOI definitions and prove snow removal is non-recurring Appraiser: Used comps from a 2008 bowling alley; concluded value = vibes minus TI 😐 Client: Can we close Friday with 80% LTC, non-recourse, and a rate lower than my espresso Me: Rebuilding Excel for the 7th time while the rent roll multiplies like Gremlins 🫠

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The CRE Humor Jokes

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