New client cash out refinancing a SFR in St. Petersburg, FL which has an outstanding balance of about $453K. Property is appraised for $725K as-is and CDA report confirmed the value is acceptable. Subject is leased $750 above market rent at $5K/month. Sponsor has good credit and liquidity to close this deal. Loan is structured at 75% LTV with 1.24 DSCR.
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