When the Appraiser Nukes Your Cap Rate at 4:59 PM
- ricklahkar
- 2 days ago
- 1 min read
Broker: It pencils at 6.25% cap, T-12 trending up, pro forma tight Lender: Committee wants actuals, SNDAs, and my weekend Appraiser: Calls it 'stabilized' then shaves 12% because a 2009 comp sneezed Me: Rebuilding the model for the 7th time while the 1031 clock screams ⏳😵
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