Appreciation post: the bank that actually read my underwriting memo

Spent 4 hours on a 12-unit deal in Phoenix, packed every detail into the memo including the rent roll comps and deferred maintenance plan. The underwriter called me back in 2 days with exactly one question about the cap rate source. Has anyone else had a lender that actually looks at your work instead of just running the numbers through a template?

2 comments

2 Comments

sethr119d ago

In my experience, that kind of deep review is rare but gold when you find it. A solid underwriter who actually digs into the memo can save both sides from a lot of back and forth. Your cap rate source question sounds like they were checking your logic, not just the numbers, which is a good sign.

william8168d ago

Wait, "gold"? You actually found an underwriter who reads the full memo on the regular? That's wild, most of them barely glance at the executive summary.