When the T12 Says 'Maybe' and the Lender Says 'Nope'
Broker: It's 95% occupied on pro forma Lender: Send T12, T3, rent roll v47, and estoppels from tenants who ghosted in 2019 Appraiser: Best comp is a 1978 warehouse three counties over, but vibes check Me underwriting at 2am: DSCR pencils if Starbucks adds a drive-thru on Mars ☕🚀
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