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Borrower looking to acquire the subject property which is located in Mooresville, NC. The subject property is currently vacant (raised condition for post-closing lease agreement and the appraiser's estimated Market Rent $3,500/Month. The property appraised for $1,334k As-Is and a CDA confirmed the value was acceptable. Sponsor has a good credit with a mid-score of 715 and bank statements reflects the balance of $746,975.33 in liquidity. Total loan amount 47.6% LTC and 44.6% LTV with 1.10 of DSCR.
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