Pipeline / HEI-2025-015

HEI-2025-015

In Review Risk Grade B+
654 Maple Dr, San Diego, CA 92103
Investment
$165,000
17.7% of value
Option %
39.9%
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%$962,798$178,181$163,9260.99×-0.1%
Base Case BASE3.5%$1,182,919$266,009$244,7281.48×5.8%
Upside 6.0%$1,398,021$351,835$323,6881.96×10.1%
Strong Upside 8.5%$1,645,815$450,704$414,6482.51×14.1%
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
1979
Living Area
2,360 sqft
Lot Size
8,296 sqft
Beds / Baths
5 / 2
Occupancy
Primary Residence
Years in Home
14 yrs
Valuation Method
Full Appraisal (URAR 1004)
Appraised Value
$929,764
AVM Value
$932,175
1st Lien Balance
$442,680
CLTV after HEI
65.4%

Borrower Profile

Anonymized · ID CB-5519
FICO
714
DTI
37.4%
Annual Income
$154,500
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 —
  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
$165,000
Starting Home Value
$929,764
Option Percentage
39.9%
Appreciation Cap
20.0% / yr
Initial LTV
17.7%
CLTV
65.4%
Term
10 years
Origination
Feb 1, 2025
Funded
—
Maturity
Feb 1, 2035

Risk & Market

Risk Grade
B+
MSA HPA (1y)
7.1%
MSA HPA (5y avg)
8.0%
MSA Unemployment
5.0%
MSA Foreclosure Rate
0.84%

Documents

  • HEI-2025-015-Appraisal-URAR.pdf
    Appraisal · 3.2 MB
  • HEI-2025-015-Title-Commitment.pdf
    Title · 1.1 MB
  • HEI-2025-015-HEI-Agreement.pdf
    Contract · 842 KB
  • HEI-2025-015-Preliminary-CD.pdf
    Closing · 512 KB
  • HEI-2025-015-Property-Photos.zip
    Media · 12.4 MB
  • HEI-2025-015-Investor-Term-Sheet.pdf
    Investor · 284 KB

Deal Team

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