disallowedSpeculative
General market condition adjustments
Adjustments for a bad year attributed to the economy, weather or competition without a specific documented event.
Rule
Not an add-back. A documented one-time event with evidence may qualify under non-recurring items; a general narrative does not.
Worked example
As reported
COVID-adjusted revenue +$200,000
In the memo
Excluded; actual trend presented
The objection you will hear
Rejected; lender will underwrite the actual trend.
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