Pipeline / HEI-2025-004

HEI-2025-004

Funded Risk Grade B
147 Birch Way, Las Vegas, NV 89109
Investment
$94,500
15.1% of value
Option %
33.9%
of appreciation
Base Case IRR
5.8%
1.48× MOIC at yr 7
Term / Maturity
15 yr
Matures Jan 25, 2040

Projected Returns

ScenarioHPAExit ValueFEQ ShareInvestor NetMOICIRR
Downside 0.5%$650,172$102,062$93,8970.99×-0.1%
Base Case BASE3.5%$798,818$152,453$140,2571.48×5.8%
Upside 6.0%$944,075$201,696$185,5601.96×10.1%
Strong Upside 8.5%$1,111,409$258,422$237,7482.52×14.1%
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
2008
Living Area
1,808 sqft
Lot Size
7,906 sqft
Beds / Baths
4 / 2
Occupancy
Primary Residence
Years in Home
16 yrs
Valuation Method
Full Appraisal (URAR 1004)
Appraised Value
$627,864
AVM Value
$634,721
1st Lien Balance
$222,974
CLTV after HEI
50.6%

Borrower Profile

Anonymized · ID EN-6614
FICO
692
DTI
38.5%
Annual Income
$118,000
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 Jan 25, 2025
  6. Servicing Active Jan 26, 2025

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
  • Funding wire released
    Treasury
    Jan 25, 2025
  • Deal assigned to Fund II — Tranche A
    System
    Jan 26, 2025

Terms

Investment Amount
$94,500
Starting Home Value
$627,864
Option Percentage
33.9%
Appreciation Cap
20.0% / yr
Initial LTV
15.1%
CLTV
50.6%
Term
15 years
Origination
Jan 25, 2025
Funded
Jan 25, 2025
Maturity
Jan 25, 2040

Risk & Market

Risk Grade
B
MSA HPA (1y)
10.2%
MSA HPA (5y avg)
8.3%
MSA Unemployment
4.9%
MSA Foreclosure Rate
0.05%

Documents

  • HEI-2025-004-Appraisal-URAR.pdf
    Appraisal · 3.2 MB
  • HEI-2025-004-Title-Commitment.pdf
    Title · 1.1 MB
  • HEI-2025-004-HEI-Agreement.pdf
    Contract · 842 KB
  • HEI-2025-004-Preliminary-CD.pdf
    Closing · 512 KB
  • HEI-2025-004-Property-Photos.zip
    Media · 12.4 MB
  • HEI-2025-004-Investor-Term-Sheet.pdf
    Investor · 284 KB

Deal Team

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