Pipeline / HEI-2025-010

HEI-2025-010

In Review Risk Grade B-
321 Elm St, Portland, OR 97214
Investment
$86,500
15.0% of value
Option %
33.8%
of appreciation
Base Case IRR
5.8%
1.48× MOIC at yr 7
Term / Maturity
15 yr
Matures Feb 1, 2040

Projected Returns

ScenarioHPAExit ValueFEQ ShareInvestor NetMOICIRR
Downside 0.5%$596,518$93,418$85,9440.99×-0.1%
Base Case BASE3.5%$732,898$139,514$128,3531.48×5.8%
Upside 6.0%$866,168$184,560$169,7951.96×10.1%
Strong Upside 8.5%$1,019,692$236,451$217,5352.51×14.1%
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: 17.5% annualized.

Property & Valuation

Property Type
Single Family Residence
Year Built
1986
Living Area
2,585 sqft
Lot Size
9,896 sqft
Beds / Baths
5 / 3
Occupancy
Primary Residence
Years in Home
8 yrs
Valuation Method
Full Appraisal (URAR 1004)
Appraised Value
$576,051
AVM Value
$587,287
1st Lien Balance
$243,782
CLTV after HEI
57.3%

Borrower Profile

Anonymized · ID AW-2280
FICO
687
DTI
36.0%
Annual Income
$216,000
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 —
  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
$86,500
Starting Home Value
$576,051
Option Percentage
33.8%
Appreciation Cap
17.5% / yr
Initial LTV
15.0%
CLTV
57.3%
Term
15 years
Origination
Feb 1, 2025
Funded
—
Maturity
Feb 1, 2040

Risk & Market

Risk Grade
B-
MSA HPA (1y)
6.8%
MSA HPA (5y avg)
7.0%
MSA Unemployment
4.6%
MSA Foreclosure Rate
0.10%

Documents

  • HEI-2025-010-Appraisal-URAR.pdf
    Appraisal · 3.2 MB
  • HEI-2025-010-Title-Commitment.pdf
    Title · 1.1 MB
  • HEI-2025-010-HEI-Agreement.pdf
    Contract · 842 KB
  • HEI-2025-010-Preliminary-CD.pdf
    Closing · 512 KB
  • HEI-2025-010-Property-Photos.zip
    Media · 12.4 MB
  • HEI-2025-010-Investor-Term-Sheet.pdf
    Investor · 284 KB

Deal Team

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