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Experienced client under contract to purchase and rent the subject property for $475k to hold it as long-term rental income. The property is a duplex in average condition and is appraised for $500k as-is and appraiser’s estimate of market rent is $3,800/Month. Borrower has good credit with middle score of 718 and bank statements reflect sufficient liquidity. Loan structured in accordance with the guidelines with loan amount of 80.00% LTC, 76.00% LTV and the deal has a 1.44 DSCR.
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