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Broker vs Lender vs Appraiser: The 4:59pm Plot Twist

Broker: DSCR 1.35x, comps tight, let’s close Friday Lender: Need fresh estoppels, Phase I update, and a selfie with the roof drain 📸 Appraiser: Value ‘subject to’ the parking stripes finding inner peace Me: Re-underwriting at 11:59pm while the rate lock wheezes like a 1980s chiller 😵

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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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