Borrower looking to cash out refinance on subject property which is located in Eustis, FL wanting to hold for long-term rental loan. Subject is an SFR currently leased above the market rates per the appraiser's estimate. Subject appraised for $245k As-Is and a CDA confirmed the value was acceptable. Sponsor on the loan with excellent credit with a mid-score of 761; 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 1.20 DSCR.
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