You put your property under app, sign a term sheet and wire an application fee to the lender. The lenders underwriter comes back to you after four weeks of back and forth on due diligence checklists, historical income statements, lease reviews, etc. and says that the loan is LTV constrained. What is the best thing you (or your investment banker / financing advisor) can do?

a) Ask to see the underwriters cash flow underwriting there must be a mistake.

b) Start shopping for a back-up lender, be prepared to forego the application deposit; move on

c) Argue value; ask to see the draft appraisal and pick it apart. Review rent rolls, cash flow underwriting, discount rates, rent steps comp sales. Push the appraiser to re-visit value.

d) All of the above