Have You Seen This Property in New Orleans, LA?

Borrower looking to cash-out refinance this newly renovated property located in New Orleans, LA and hold it for long-term rental income. Subject is a multifamily home with 2 vacant units, and the appraiser’s estimate of market rent is at $1,600/month for each unit. The property was appraised for $385,000.00 as-is and a CDA confirmed the value was acceptable. Sponsor on the loan has good credit and bank statements reflect sufficient liquidity to meet the reserve requirement for this project. Loan structured and priced in accordance with the LTR model. Total loan amount 70% LTV with 1.24 DSCR.