Borrower under contract to purchase the subject property located in Hampton, GA for $310k to hold it for long term rental income. Subject is an SFR currently vacant, with market rates per the appraiser's estimate ($1,800). Subject appraised for $304k As-Is and a CDA was ordered to confirm the value was acceptable. Sponsor on the loan with good credit with a mid-score of 702; Bank statements reflect just over $350k in liquidity which is sufficient to meet the reserve requirement. Loan structured and priced in accordance with the qualification model. Total loan amount 60.13% LTV & 59.00% LTC with 1.10 of DSCR.
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