ChatGPT Image Mar 21, 2026, 05_41_11 PM.png

The CRE Humor Jokes

Underwriting vs Reality: The 6 Cap That Ghosted at DSCR

Oct 12

1 min read

Broker: It's a clean 6 cap, pro forma NOI is bulletproof Me underwriting: T-12 says 5.1 after TI/LC, roof, and reserves—send help Lender IC: Season the NOI, hit 1.25 DSCR, and grab estoppels by Friday Client: I’ll text a pic of the rent roll from my fax—can we close today? 📠

Recent Posts

See All

Broker vs Lender vs Client: Cap Rate Hunger Games

Broker: LOI signed, easy close in 30 days Lender: Need T-12, T-3, updated rent roll, estoppels, SNDAs, ALTA, and a fresh DNA swab Client: Cap moved 25 bps at lunch—retrade? Me: Rebuilding the 18-tab m

When the Cap Rate Says 6 But the Roof Says 1988

Broker: It's a light value-add Lender: So... $700k deferred capex, 65% occupancy, roofs from 1988? Client: If I Venmo the EMD, can we close Friday? 👀 Me at 2am in Excel: If 'roof leak' is 'tenant ame

When the T-12 Says “Maybe”: Broker vs Lender vs Reality

Broker: LOI signed, vibes immaculate Lender: Need updated T-12, Phase I, SNDA, estoppels, and the roof’s birth certificate 🧮 Appraiser: We used a comp from a 1997 bowling alley two counties over Clie

The CRE Humor Jokes

Comments