Pipeline / HEI-2025-003

HEI-2025-003

Approved Risk Grade B+
258 Spruce Ct, Salt Lake City, UT 84102
Investment
$125,000
13.2% of value
Option %
29.8%
of appreciation
Base Case IRR
5.8%
1.48× MOIC at yr 7
Term / Maturity
10 yr
Matures Feb 1, 2035

Projected Returns

ScenarioHPAExit ValueFEQ ShareInvestor NetMOICIRR
Downside 0.5%$977,281$134,992$124,1930.99×-0.1%
Base Case BASE3.5%$1,200,714$201,575$185,4491.48×5.8%
Upside 6.0%$1,419,051$266,640$245,3091.96×10.1%
Strong Upside 8.5%$1,670,572$341,593$314,2662.51×14.1%
Scenarios model exit at year 7 assuming constant HPA. Investor net is gross of fund-level carry and net of servicing and origination fees. Appreciation cap: 20.0% annualized.

Property & Valuation

Property Type
Single Family Residence
Year Built
1989
Living Area
2,040 sqft
Lot Size
7,254 sqft
Beds / Baths
4 / 3
Occupancy
Primary Residence
Years in Home
13 yrs
Valuation Method
Full Appraisal (URAR 1004)
Appraised Value
$943,750
AVM Value
$947,064
1st Lien Balance
$412,356
CLTV after HEI
56.9%

Borrower Profile

Anonymized · ID FA-3150
FICO
734
DTI
34.0%
Annual Income
$96,500
Occupancy
Primary Residence

Deal Timeline

  1. Application Submitted Jan 8, 2025
  2. Underwriting Review Jan 14, 2025
  3. Appraisal & Title Jan 20, 2025
  4. Approved Jan 24, 2025
  5. Funded —
  6. Servicing Active —

Activity Log

  • Application received via POS
    System
    Jan 8, 2025
  • Initial underwriting pass — cleared
    Sarah Chen (UW)
    Jan 10, 2025
  • Appraisal ordered
    Mike Alvarez (Ops)
    Jan 14, 2025
  • Appraisal received at $—
    ValueCheck LLC
    Jan 20, 2025
  • Title commitment received, no exceptions
    First American
    Jan 22, 2025
  • Approval memo issued to investor pool
    Credit Committee
    Jan 24, 2025

Terms

Investment Amount
$125,000
Starting Home Value
$943,750
Option Percentage
29.8%
Appreciation Cap
20.0% / yr
Initial LTV
13.2%
CLTV
56.9%
Term
10 years
Origination
Feb 1, 2025
Funded
—
Maturity
Feb 1, 2035

Risk & Market

Risk Grade
B+
MSA HPA (1y)
9.4%
MSA HPA (5y avg)
9.5%
MSA Unemployment
4.7%
MSA Foreclosure Rate
0.15%

Documents

  • HEI-2025-003-Appraisal-URAR.pdf
    Appraisal · 3.2 MB
  • HEI-2025-003-Title-Commitment.pdf
    Title · 1.1 MB
  • HEI-2025-003-HEI-Agreement.pdf
    Contract · 842 KB
  • HEI-2025-003-Preliminary-CD.pdf
    Closing · 512 KB
  • HEI-2025-003-Property-Photos.zip
    Media · 12.4 MB
  • HEI-2025-003-Investor-Term-Sheet.pdf
    Investor · 284 KB

Deal Team

Deal Lead
Marcus Reed — marcus@foundationeq.com
Credit Officer
Sarah Chen — sarah@foundationeq.com