Broker vs Lender vs Client: The T-12 Hunger Games
Broker: LOI signed, IC hyped, cruising to Close Island Lender: Drop updated T-12, ALTA survey, estoppels, SNDA, and a Phase I from 2045 Client: Can we shave 50 bps, 95% leverage, and IO forever? Asking for a friend Me opening Excel: If I color this cell green, DSCR magically hits 1.25x ✅ Reality: Appraisal retrade, roof leak, rent roll in three time zones, soul in escrow 😂
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