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The CRE Humor Jokes

My Excel Says The Deal Works (If I Delete Rows 4-200)

Expectation: Clean underwriting, stable DSCR, lender high-five 🧮 Reality: T-12 reads like hieroglyphics, OM IRR runs on unicorn dust Lender: send the FINAL model | Me: v47_FINAL_FINAL_no-seriously.xlsx 🤡 Excel: circular reference; Debt Yield: circular too; Sponsor: 'conservative' 9% rent growth 🔥

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Expectation: 1.30x DSCR | Reality: Excel Says LOL

Expectation: 6% exit cap, 3-yr IO, DSCR 1.30 — lender says easy button Reality: Excel unmerges one cell; DSCR 1.09; taxes jump post-sale; please add $850k TI/LC Client: can we bump rents 18%? Me: sure

 
 
 
When Your 1.35 DSCR Meets the Lender's Tiny Stress Test

Proforma: DSCR 1.35 and a 6 cap — living the dream Lender after 'small' stress test: taxes + insurance + reserves = 0.99 Client: just 'optimize NOI' and still hit 65% LTV 🙂 Me at 2:12am: doing INDEX/

 
 
 

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