When the Appraisal Arrives and Your DSCR Enters Witness Protection

Broker: NOI $1.2M at 5.25 cap—DSCR 1.35, easy win Lender: Great, just need T-12, rent roll, estoppels, SNDA, and a time-stamped blood oath Appraiser: Used 7.3 cap—value down 19%; best comp is a half-vacant llama barn 😐 Client: We still closing? Me: If price drops, rates drop 100 bps, and physics takes PTO 😂