Chat with a small bank changed how I look at cap rates

I was talking to a local lender in Omaha last week about a 12-unit deal I'm working. He told me they've been turning down more refi requests because the actual NOI doesn't match what borrowers projected six months ago. That hit different for me because I realized I've been using optimistic numbers while the banks are tightening their underwriting. Are you guys factoring in a bigger gap between pro forma and real income now?

2 comments

2 Comments

quinnbailey1mo ago

Had a lender tell me last month they're double checking everyone's tax stamps now.

evangarcia1mo ago

What kind of stamps are they actually checking...