When the Appraisal Nukes Your LTV at 4:58pm

Broker: It’s a clean 6-cap, 75% LTV, 30-day close Appraiser: Closest comp is a half-vacant goat barn from 2011; adjust -12% for 'condition' Lender: DSCR 1.249 != 1.25 - circle back after a 'light' equity sprinkle Me at 4:58pm: Final_FINAL_T12_Adjusted_For_Reality_v13.xlsx opens itself 😵 Client: Can we still get 3% fixed? Me: Sure, if time travel underwrites NOI. 🕰️