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CMBS special servicer said my property was 'overimproved', what does that even mean?
I got the notice last Tuesday from LNR about my 12-unit building in Columbus. They flagged it as overimproved because I put $45k into new windows and a roof before refinancing. Now they're using it to lower my advance rate to 55% and I'm stuck with a 3 month rate lock expiring Friday. Has anyone fought this kind of boxed-in appraisal before, or should I just cut losses and find a bridge lender this week?
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jason9582mo ago
Did the servicer actually walk the property, or is this from a desk review?
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