Experienced & repeat borrower looking to cash-out on subject property into. Subject is a SFR house and is currently leased for $800/Month which is below rate rent per appraiser’s estimate of market rent. The property is appraised for $102k as-is and a CDA was not obtained. Sponsor has decent credit with mid score of 738 and bank statements reflect sufficient liquidity to meet the reserve requirement for this project. Loan structured and priced in accordance with the STR model. Total loan amount 75% LTV with 1.22 DSCR.
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