When the 8-Cap Said 'Trust Me' and Excel Said #VALUE!
Broker: Pro forma says 8 cap Lender: Cool—send trailing-12 CAM recs, roof report, and your soul GC: TI was $25/SF... plus 19 change orders, so $68/SF now 🙂 Me: Excel #VALUE! at 4:59pm—DSCR 1.25 in pitch deck, 1.09 in reality 😵
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