CDA Value for New Development "Condotel"

[Shaya Deaton]

Hi everyone 

I am in contract for a new development, "Condotel," located at the base of a ski mountain in Utah. There are 300 units in the building, most of which are being closed all cash. I currently have conditional approval (Formal documents that won't be an issue, SSN, next paystubs, etc.); however, the lender mentioned that "Appraisal with the exception of square foot and a CDA of at least 2.5 value".

Can someone provide more insight here? 

There are no appraisal or financing conditions, and I have a few days to cancel the contract without repercussions. There have been 20 or so units already closed in the building at asking, so I'm assuming the appraiser can use these as comps to come in at purchase price? 

Thank you in advance!