DSCR Dreams vs Appraisal Screams (CRE Lender Boss Fight)

Broker: We underwrote 6.25% cap, 65% LTV, clean Phase I—let’s close Friday Lender: cool—after market-rent haircut, 12-month TI/LC reserve, and 1.35 DSCR ‘post-armageddon’, proceeds are 51% Appraiser: comps from a ghost mall and a barn with ‘retail vibes’—value ‘feels’ 8% light 🤡 Client: why did my equity double? Me: because the interest rate and the appraisal became besties 😭