When Your T-12 Meets Their IC: Excel Calls 911
- ricklahkar
- May 16
- 1 min read
Expectation: Easy value-add, 200bps spread, 3yr IO, retire by Thursday Reality: T-12 says HVAC is a vending machine for money; DSCR hits 1.19 on a sneeze š Lender IC: Please re-upload v97 with zero rent growth, zero vacancy, zero happiness Excel: 'Circular reference'ātranslation: your deal is now land value ā ļø
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