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Experienced Borrower looking to cash out refinance the subject property located in Vero Beach, FL and hold it for long-term rental income. Subject is a SFR that is currently leased, generating a monthly rent of $2,200/month which is slightly below the appraiser’s estimate of market rent (2,400/Month). The property was appraised for $215k as-is and a CDA confirmed the value was acceptable. Sponsors on the loan overall 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 65% LTV with 1.06 DSCR.