Expectation: 6 Cap. Reality: Lender Says 4.2 and Title Found a Roof Lease

Broker: It’s a clean 6 cap, turnkey, zero hair Lender: After our ‘quick’ re-underwrite it’s a 4.2 with seasonal mange 📉 Title: Surprise 1998 billboard lease on the roof, rent paid to Seller’s cousin Me in Excel_FINAL_v39: Still pencils if interest is imaginary only 🫠 Client: Can we close Friday? Me: Absolutely… in dog years