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Repeat and experienced investor looking to refinance on a subject property and pull cash-out to fund other investments. Subject is an SFR located in Gary, IN. Property is currently leased for $2,500 per month which is equal rate per the appraiser's estimate ($2,500). Subject appraised for $280k As-Is and a CDA confirmed the value was acceptable. Sponsor on the loan has an excellent credit with mid-score of 772 and bank statements reflect sufficient liquidity to meet the reserve requirement. Loan structured and priced in accordance with the guidelines. Total loan amount 78.68% LTV and with DSCR 1.20.
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