Borrower looking to refinance existing debt on subject property and pull cash-out to fund other investments. Subject is a SFR and is currently leased for $1,495/month which is below the market rent per the appraiser’s estimate ($1,700). Property appraised for $177k As-Is and CDA confirmed the appraised value. Sponsor has decent credit with mid-score of 765 and bank statement reflects sufficient liquidity to close. Loan structured and priced in accordance with the qualification model. Total loan amount 75% LTV with 1.10 of DSCR.