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New client, who is a licensed real estate agent is cashing out a free and clear SFR in Reedley, CA which was purchased for $268.5k in October 2020. Property is now appraised for $303k as-is (CDA Confirmed) and is leased above market rent at $1,920/month. Sponsor has good credit and sufficient liquidity to close this deal. Loan is structured at 62.3% LTV presenting 1.10 DSCR with a 3Y prepay.
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