When the Rent Roll Says “Stabilized” But the HVAC Says “Surprise”
- ricklahkar
- May 11
- 1 min read
Expectation: 6-cap turnkey, tenants paying CAM like Swiss clocks 📈 Reality: DSCR 1.19, roof is 19, estoppels MIA, SNDA pending, tax reassessment tomorrow Lender: can you resend the updated rent roll, T-12, and a fresh Phase I from… yesterday? Owner brain: bump rents $0.25/SF, pray the HVAC survives the tour, pretend pro forma is law 😅
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