When the Appraisal Calls Your Pro Forma a Fairy Tale

Broker: It’s a clean 65% LTV, comps are tight, we’re coasting Lender: Please upload T-12, T-3, T-1, rent roll, estoppels, Phase I, and your soul Appraiser: Best comp is a 1978 bowling alley 43 miles away—same "vibe." 🤡 Client: Why did proceeds drop $1.2M overnight? Me: Cap rates did cardio, NOI didn’t, and Excel says I live here now. 🧮