How a Second Appraisal (Desk Review) Can Change Your DSCR Outcome
Most borrowers think of the appraisal as a single event: the appraiser visits, a number comes back, and that's the value for the deal. In practice, that initial number often gets checked by a second, internal process — a desk review — and that review can move the number, which moves everything the DSCR ratio depends on.
NightYield Editorial
STR-DSCR research & underwriting desk
Published 2026-07-21
What a desk review actually is
A desk review is generally an internal reassessment of an appraisal, done by another qualified reviewer without a new property visit — checking the original appraiser's comps, adjustments, and methodology for consistency and support. Some lenders run this as a standard quality-control step on some or all files; others order it only when something in the original report raises a question.
This is distinct from a full second appraisal, where a different appraiser visits the property and produces an entirely new report. Both exist, and which one a specific lender uses in a specific situation depends on their internal policy — not something you can predict in advance.
Why the outcome can move your DSCR ratio, not just your loan amount
If a desk review lowers the supported value, the loan amount available at a given LTV drops with it — but the DSCR ratio itself is also affected if the review touches the appraiser's rent or revenue schedule, which many STR-focused appraisals include alongside the standard value opinion. A lower supported revenue figure shrinks the numerator of the ratio directly.
- Understand that a desk review can affect both the property value and, on STR-focused reports, the supported revenue figure.
- Ask specifically whether your file's desk review, if any, is reviewing value only or also reviewing the rent/revenue schedule.
- If the reviewed number comes back lower, ask what the specific basis for the adjustment was — comps, methodology, or something else.
- Confirm what your options are if you disagree with the reviewed number before assuming the deal is dead.
What to do if the review moves the number against you
Most lenders have some form of reconsideration-of-value process, where you can submit additional comps or point out specific errors in the review for reconsideration — this isn't guaranteed to change the outcome, but it's a legitimate, common step and worth using if you believe the review is off.
In parallel, it's worth running the deal's numbers at the lower, reviewed value through the feasibility check to see whether it still clears DSCR at all, and whether adjusting the down payment or the loan structure at current rates brings it back above the floor.
Key takeaways
- A desk review is typically an internal reassessment of the original appraisal, done without a new site visit.
- It's distinct from a full second appraisal, where a different appraiser visits and produces a new report.
- A lowered reviewed value can shrink both your loan amount and, on STR-focused reports, your qualifying revenue figure.
- Most lenders offer some reconsideration-of-value process if you have specific, supportable grounds to dispute the reviewed number.