You Got the Hard Money Loan. Then a Second Appraisal Came In Lower. Now What?

Most fix-to-rent deals in Texas involve two appraisals — and they don’t produce the same number. The hard money appraisal is forward-looking. The refinance appraisal is conservative, regulated, and often lower. If you only underwrote to the first number, the second one can derail your exit entirely. Here’s why the gap exists and what Catalyst’s Bridge Appraisal process does to close it.