Borrower is a new client under contract to purchase the subject property for $126k to hold it for long term rental income. Subject is an SFR located in North Little Rock, AR with the market rate per the appraiser's estimate ($1,050). Subject appraised for $126k As-Is and a CDA was ordered. Sponsor on the loan with excellent credit with a mid-score of 778; Bank statements reflect sufficient liquidity to meet the reserve requirement. Loan structured and priced in accordance with the qualification model. Total loan amount 80.00% LTV & 80.00% LTC with 1.21 of DSCR.
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