Borrower is an experienced investor under contract to acquire the subject property for $365k with intentions of long-term rental income. The property was appraised for $366k As-Is, a slight premium to purchase price, and Subject is a SFR which is located in Laurel, MD. Sponsor has an average credit with a mid-score of 688 and bank statements reflect the balance of $592,962.03 in assets/liquidity. Loan structured and priced in accordance with the qualification model. Total loan amount 70.14% LTC & 69.94% LTV with 1.10 of DSCR.
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