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The CRE Humor Jokes

The Appraisal-Lender Tag Team vs My Pro Forma

ricklahkar
May 2
1 min read

Broker: Pro forma says 1.30 DSCR at a 6-cap Appraiser: I used a 2019 cornfield comp and a 7.75 cap 📉 Lender: IC wants 1.35 DSCR, 55% LTV, and your firstborn Me at 2:07am: Re-underwriting the T-12, inventing $0.12/SF ‘optimism recovery’ 🫠

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Term Sheet Says Yes, Appraisal Says LOL

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Appraisal Says Vibes, Lender Says No, My Model Says Please

Broker: PSA at $12M Appraiser: Comps say $9.4M and vibes Lender: 55% LTV, DSCR 1.35 on a pro forma we won’t count 🙂 Me: Rebuilding the model at 1:13 AM, begging tenants for estoppels 🧮

The CRE Humor Jokes

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