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The CRE Humor Jokes

The NNN Deal That Wasn’t: Cap Rates vs Reality Speedrun

ricklahkar
Jun 17
1 min read

Broker: It’s a clean NNN, day-one cash flow Lender: send rent roll v12, estoppels, SNDA, Phase I, and proof the roof isn’t a suggestion Appraiser: used two 2019 flex comps and a corn silo because ‘submarket adjacency’ Me to Owner: Excel says 6.25% cap; diligence says ‘lol nope’—7.8% if we ignore TI, free rent, and gravity 😵‍💫🧮

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Broker: Stabilized, 98% occupied, turn-key asset Lender: Cool, just need rent roll, 12 estoppels, SNDA, updated ALTA, and your firstborn Me in Excel at 2:47am: NOI says yes, roof, HVAC, and CAMs say l

When the Lender Says One More Item for the 47th Time

Broker: LOI signed, easy close Lender: Need T-12, rent roll, SNDA, estoppels, Phase I, ALTA survey, and your blood type Appraiser: Using a 2013 Kmart comp; value says your cap rate is a bedtime story

Clear to Close* (*Until Lender Remembers Global Cash Flow)

Broker: LOI signed, victory lap Lender: Need SNDA, updated estoppels, 12-month roof reserve, and your left shoe Landlord: NNNs reconcile after CAM true-up, security guard, and 47 'misc.' line items Cl

The CRE Humor Jokes

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