Borrower looking to refinance existing debt on subject property in Birmingham, AL and hold it to long-term loan. Subject is an SFR currently leased for $1,550 per month which is below the market rates per the appraiser’s estimate ($1,900). Subject appraised for $245k As-Is and a CDA confirmed the value was acceptable. Sponsor on the loan with good credit with a mid-score of 744; Bank statements reflect sufficient liquidity to meet the reserve requirement. Loan structured and priced in accordance with the qualification model. Total loan amount 67.3% LTV with 1.10 DSCR.