When the IRR Goes Witness Protection After One Hardcode

Broker: 50% LTV, quick close Lender: Cool, just send T-12, T-3, rent roll, estoppels, SNDA, Phase I, roof report, and your firstborn Me in Excel: add 19 tabs, hardcode one cell, IRR teleports from 18.1% to -3.7% 😵‍💫 Appraiser: Parking ratio mid, value lower; Client: But my pro forma says billionaire Seller at closing: BTW CAMs were vibes-based and two tenants are ghosts 📊