An experienced borrower and investor that was looking to refinance existing debt on the subject property. This project is single-family residential rental that they have owned for several years. The home has been appraised as is for $685K with the total loan amount at 70% LTV. As of right now, there is a tenant in place till June 2020, who is paying $3,297 per month making the rent in line with the appraiser's estimate of market rent ($3,250).
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