Pipeline / HEI-2025-014

HEI-2025-014

In Review Risk Grade A-
258 Spruce Ct, Salt Lake City, UT 84102
Investment
$130,500
16.6% of value
Option %
37.4%
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%$813,177$140,935$129,6600.99×-0.1%
Base Case BASE3.5%$999,092$210,467$193,6291.48×5.8%
Upside 6.0%$1,180,766$278,413$256,1401.96×10.1%
Strong Upside 8.5%$1,390,052$356,686$328,1512.51×14.1%
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
2004
Living Area
2,674 sqft
Lot Size
7,039 sqft
Beds / Baths
4 / 2
Occupancy
Primary Residence
Years in Home
8 yrs
Valuation Method
Full Appraisal (URAR 1004)
Appraised Value
$785,277
AVM Value
$782,674
1st Lien Balance
$295,284
CLTV after HEI
54.2%

Borrower Profile

Anonymized · ID FA-3150
FICO
765
DTI
32.7%
Annual Income
$161,000
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
$130,500
Starting Home Value
$785,277
Option Percentage
37.4%
Appreciation Cap
20.0% / yr
Initial LTV
16.6%
CLTV
54.2%
Term
10 years
Origination
Feb 1, 2025
Funded
—
Maturity
Feb 1, 2035

Risk & Market

Risk Grade
A-
MSA HPA (1y)
6.2%
MSA HPA (5y avg)
5.6%
MSA Unemployment
3.9%
MSA Foreclosure Rate
0.71%

Documents

  • HEI-2025-014-Appraisal-URAR.pdf
    Appraisal · 3.2 MB
  • HEI-2025-014-Title-Commitment.pdf
    Title · 1.1 MB
  • HEI-2025-014-HEI-Agreement.pdf
    Contract · 842 KB
  • HEI-2025-014-Preliminary-CD.pdf
    Closing · 512 KB
  • HEI-2025-014-Property-Photos.zip
    Media · 12.4 MB
  • HEI-2025-014-Investor-Term-Sheet.pdf
    Investor · 284 KB

Deal Team

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