LOI: Easy DSCR. Lender/Appraiser: Hold My Spreadsheet

Broker: It’s plug-and-play value-add, 95% occupied, DSCR a breeze Lender: Need updated rent roll, T-12, T-3, Phase I that isn’t from the fax era, and your soul Appraiser: Found comps at an 8.25 cap next to a goat yoga barn—adjusted up for ‘vibes’ Me to Client: Remember that 6.25%? Re-traded to 8.0% because taxes reset and debt yield said nope 😬