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Experienced borrower looking to acquire the subject property located in Detroit, MI for $153k with the intention of spending $60k on renovations before listing it for resale. Subject was appraised for $155k as-is and a CDA confirmed the value was acceptable. Sponsor on the loan has good credit and bank statements reflect sufficient liquidity to meet the reserve requirement. Deal is structured in accordance with the qualification model. Total loan amount 65% of ARV.