The number the owner believes in may not be the number the lender uses. Owners know the property. Lenders know the file. Insurance increases, tax resets, vacancy assumptions, management fees, repair add-backs, nonrecurring income, deferred maintenance, and capex reserves can…

Most owners ask the wrong refinance question. They ask: What is my property worth? The better question is: What debt will the property support under today's lender math? A property can be worth more and still refinance worse. Why? Higher…