New client looking to purchase the subject property located in Petersburg, VA and hold it for long-term rental income. Subject is an 2-4 Unit residential property with the market rate per the appraiser’s estimate at $1675/month. The property was appraised for $140k As-Is, with a CDA confirming the value was acceptable. Sponsor on the loan has good credit and bank statements reflect sufficient liquidity to meet the reserve requirement. Total loan amount 73.60% LTV & 80.00% LTC with 1.73 of DSCR.
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