Experienced borrower looking to refinance existing debt on subject property located in Dallas, TX and hold it to long-term loan. Subject is an SFR borrower acquired for $184,999.00 on 4/13/2022 and spent over $128k on renovation before placing a tenant in it and is currently leased for $2,750 per month which is below the market rates per the appraiser’s estimate ($2,800). Subject appraised for $400k As-Is and a CDA confirmed the value was acceptable. Sponsor on the loan with good credit with a mid-score of 726; 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 1.12 DSCR.