Check Out This Property in Springfield, IL!

New borrower under contract to acquire a 2-unit multifamily property located in Springfield, IL with intentions of holding it long-term as a rental property. Subject was appraised for $175K as-is and a CDA confirmed the value is acceptable. The property will be vacant at closing with the appraiser estimating the market rent at $2050/month. Sponsors on the loan have good credit and bank statements reflect sufficient liquidity to meet the reserve requirement. Loan structured and priced in accordance with the qualification model. Total loan amount 79.1% LTV presenting 1.43 DSCR.