Check Out This Property in Detroit, MI!

Detroit MI Home

Repeat Foreign National investor looking to refinance on a subject property located in Detroit, MI. Subject is an SFR the borrower acquired for $159k in November 2023. Property is currently leased for $1,500 per month which is below market rate per the appraiser's estimate ($1,550). The subject was appraised for $200k As-Is and a CDA confirmed the value was acceptable. Bank statements reflect sufficient liquidity to meet the reserve requirement. Loan structured and priced in accordance with the qualification model. Total loan amount 60.00% LTV and with DSCR 1.10.