Borrower looking to do a cash out refinance on subject property and hold it to long term loan. Subject is a 2 family located in Wood Ridge, NJ currently leased for $7,000/month which is less than the market rate per the appraiser's estimate ($7,100). Subject is appraised for $900k As-Is and CDA confirmed the value was acceptable. Sponsor on the loan with an excellent credit with a mid-score of 779; Bank statements reflect sufficient balance to close the deal. Loan structured and priced in accordance with the qualification model. Total loan amount 75.00% LTV with 1.15 DSCR.