Borrower under contract to purchase the subject property in San Benito, TX for $259.9k to hold it into a long term rental income. Subject is an SFR which is currently vacant. Subject appraised for $260k As-Is and a CDA confirmed the value was acceptable. Sponsor on the loan with Excellent credit with a mid-score of 804; Loan structured and priced in accordance with the qualification model. Total loan amount 78.2% LTV & 78.14% LTC with 1.10 of DSCR.
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