Borrower looking to cash out refinance on subject property located in Greensboro, NC to hold for long-term rental loan. Subject is an SFR currently leased for $2,700 per month which is above the market rates per the appraiser's estimate ($2,200). Subject appraised for $250k As-Is and a CDA confirmed the value was acceptable. Sponsor on the loan has good credit with a mid-score of 702; Bank statements reflect sufficient liquidity to meet the reserve requirement. Loan structured and priced in accordance with the qualification model. Total loan amount 60.00% LTV with 1.70 DSCR.
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