Pipeline / HEI-2025-022

HEI-2025-022

In Review Risk Grade A-
147 Birch Way, Las Vegas, NV 89109
Investment
$82,500
15.9% of value
Option %
35.7%
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%$538,319$89,094$81,9660.99×-0.1%
Base Case BASE3.5%$661,393$133,031$122,3891.48×5.8%
Upside 6.0%$781,661$175,967$161,8901.96×10.1%
Strong Upside 8.5%$920,207$225,428$207,3942.51×14.1%
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
1,685 sqft
Lot Size
7,941 sqft
Beds / Baths
3 / 2
Occupancy
Primary Residence
Years in Home
7 yrs
Valuation Method
Full Appraisal (URAR 1004)
Appraised Value
$519,849
AVM Value
$532,372
1st Lien Balance
$216,602
CLTV after HEI
57.5%

Borrower Profile

Anonymized · ID EN-6614
FICO
759
DTI
41.0%
Annual Income
$102,500
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
$82,500
Starting Home Value
$519,849
Option Percentage
35.7%
Appreciation Cap
20.0% / yr
Initial LTV
15.9%
CLTV
57.5%
Term
10 years
Origination
Feb 1, 2025
Funded
—
Maturity
Feb 1, 2035

Risk & Market

Risk Grade
A-
MSA HPA (1y)
9.7%
MSA HPA (5y avg)
4.7%
MSA Unemployment
3.5%
MSA Foreclosure Rate
0.82%

Documents

  • HEI-2025-022-Appraisal-URAR.pdf
    Appraisal · 3.2 MB
  • HEI-2025-022-Title-Commitment.pdf
    Title · 1.1 MB
  • HEI-2025-022-HEI-Agreement.pdf
    Contract · 842 KB
  • HEI-2025-022-Preliminary-CD.pdf
    Closing · 512 KB
  • HEI-2025-022-Property-Photos.zip
    Media · 12.4 MB
  • HEI-2025-022-Investor-Term-Sheet.pdf
    Investor · 284 KB

Deal Team

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