Pipeline / HEI-2025-020

HEI-2025-020

In Review Risk Grade B
123 Main St, Austin, TX 78704
Investment
$118,500
14.6% of value
Option %
32.8%
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%$842,208$127,978$117,7400.99×-0.1%
Base Case BASE3.5%$1,034,760$191,135$175,8441.48×5.8%
Upside 6.0%$1,222,921$252,852$232,6241.96×10.1%
Strong Upside 8.5%$1,439,678$323,948$298,0322.52×14.1%
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
1984
Living Area
2,100 sqft
Lot Size
9,689 sqft
Beds / Baths
5 / 2
Occupancy
Primary Residence
Years in Home
12 yrs
Valuation Method
Full Appraisal (URAR 1004)
Appraised Value
$813,312
AVM Value
$805,301
1st Lien Balance
$335,721
CLTV after HEI
55.8%

Borrower Profile

Anonymized · ID JS-4821
FICO
709
DTI
36.7%
Annual Income
$221,000
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
$118,500
Starting Home Value
$813,312
Option Percentage
32.8%
Appreciation Cap
20.0% / yr
Initial LTV
14.6%
CLTV
55.8%
Term
10 years
Origination
Feb 1, 2025
Funded
—
Maturity
Feb 1, 2035

Risk & Market

Risk Grade
B
MSA HPA (1y)
3.0%
MSA HPA (5y avg)
4.2%
MSA Unemployment
5.0%
MSA Foreclosure Rate
0.53%

Documents

  • HEI-2025-020-Appraisal-URAR.pdf
    Appraisal · 3.2 MB
  • HEI-2025-020-Title-Commitment.pdf
    Title · 1.1 MB
  • HEI-2025-020-HEI-Agreement.pdf
    Contract · 842 KB
  • HEI-2025-020-Preliminary-CD.pdf
    Closing · 512 KB
  • HEI-2025-020-Property-Photos.zip
    Media · 12.4 MB
  • HEI-2025-020-Investor-Term-Sheet.pdf
    Investor · 284 KB

Deal Team

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