Borrower looking to cash out refinance on subject property to hold for long-term rental loan. Subject is an SFR located in Mount Ephraim, NJ and is currently leased for $2,600 per month which is above the market rate per the appraiser's estimate. Subject appraised for $252k As-Is and a CDA confirmed the value was acceptable. Sponsor on the loan with good credit with a mid-score of 740; Bank statements reflect sufficient liquidity to meet the reserve requirement. Loan structured and priced in accordance with the qualification model. Total loan amount 70% LTV with 1.10 DSCR.
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