Size the loan on market rents, not the borrower's pro forma

For Lenders & debt funds

What is the fair market rent for [address] ([asset type], [number] units)? Then underwrite this loan request: size the debt at [percent] LTV and [ratio] DSCR from the attached T-12 and rent roll, marking rents to that market rent.

You give

The address; the rent roll; the T-12; the LTV; the DSCR

You get

Fair market rent, $/SF/year and per month, with the leases behind it, in the assistant

Then

Underwriting — ask for it in the same conversation once step 1 is done