Expectation: Clean Phase I. Reality: Dry Cleaner From 1987 Waving at Me

Broker: It’s a quick close Phase I: Found a 1987 dry cleaner plume and a surprise UST Lender: Cool, just need PCA, ALTA, estoppels, SNDA, flood cert, rate cap, and your weekend Excel: DSCR was 1.30x until I unhid 'Deferred CapEx'—now it’s financed by vibes 😵‍💫