When Lenders Meet Appraisers, My NOI Goes Missing

Broker: DSCR pencils to 1.30x, exit cap 6.25%, light TI/LC 🧮 Lender: After 'normalizing' T-12 (taxes @ purchase, 5% vacancy, reserves), it's 1.18x — also buy a rate cap Appraiser: Extraordinary Assumption — your rent roll can read; Concluded Value = Loan Amount - $1 Me: Rebuilding model for the 8th time, Excel screams CIRCULAR REFERENCE and re-trades me 😵‍💫