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Underwriting vs Reality: The DSCR Hunger Games

Broker: It pencils at a 6 cap Lender: Back out taxes, TI, reserves, and hope—now it's a 4.2 Appraiser: Found a 2018 comp next to a goat farm, congrats on negative value Me: DSCR 1.24 in Excel; Credit Committee: make it 1.35 by Monday; Excel: #DIV/0! 😵‍💫

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DSCR Says 1.25x, My Soul Says Extension Please

Broker: It pencils at a 6 cap Lender: After our stress test it pencils at a crayon Me: Rebuilding the model because T12 ≠ rent roll and DSCR is allergic to reality 🧮 Seller: No price cut. Also CAMs w

 
 
 
The LOI Said 'Non-Binding' But My Anxiety Isn't

Expectation: 6% cap, clean Phase I, lender jazz hands Reality: 4.3% cap, HVAC is vapor, Phase I finds a vintage fuel tank Broker: we're at the one-yard line; Lender: need estoppels & SNDAs from every

 
 
 

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