Repeat borrowers and experienced investors (10+ Verified) under contract to acquire the subject property for $154.5k with intentions of spending $72.5k on rehab before listing it for resale. Subject is a SFR and given borrowers experience and familiarity with the subject's market they were approved for the no-appraisal option where our in-house appraiser reviewed their comps and the photo inspection report and ultimately found an ARV of $285k to be well supported, which evidences a solid ROI for borrowers of just under 25%. Two sponsors on the loan, husband/wife team, with mixed credit but good liquidity with bank statements showing just under $160k cash on hand. Loan structured at 90/100/75 in accordance with the qualification model. Initial advance 90% LTC/LTV and total loan amount 74.2% of ARV.
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