IC Monday: When DSCR Cheats On You With Real T-12s

Broker: DSCR pencils at 1.27x if you believe in add-backs Lender: Cool, just need estoppels from 37 tenants and one from the raccoon in Suite B Excel: Circular reference detected—just like your capex timeline Client: So we hit a 5 cap by calling parking revenue 'AI adjacency'? 🤡