Quick Close vs Ancient Comps: The CRE Hunger Games

Broker: It’s a simple refi, 65% LTV, stabilized, easy close Lender: Need rent roll, T-12, T-3, T-1, borrower’s blood type, and proof the tenant breathes 😅 Appraiser: Using a 2016 cornfield comp 40 miles away—value feels ‘prudent’ Me: Rebuilding the model for the 7th time while client demands an 8-cap in a 4-cap market 🤡