Pipeline / HEI-2025-023

HEI-2025-023

In Review Risk Grade B+
456 Oak Ave, Denver, CO 80203
Investment
$102,500
14.5% of value
Option %
32.6%
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%$731,791$110,685$101,8300.99×-0.1%
Base Case BASE3.5%$899,098$165,227$152,0091.48×5.8%
Upside 6.0%$1,062,590$218,526$201,0441.96×10.1%
Strong Upside 8.5%$1,250,929$279,924$257,5302.51×14.1%
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
1980
Living Area
2,980 sqft
Lot Size
5,394 sqft
Beds / Baths
5 / 1
Occupancy
Primary Residence
Years in Home
15 yrs
Valuation Method
Full Appraisal (URAR 1004)
Appraised Value
$706,683
AVM Value
$722,078
1st Lien Balance
$333,636
CLTV after HEI
61.7%

Borrower Profile

Anonymized · ID JD-1932
FICO
739
DTI
31.6%
Annual Income
$104,000
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
$102,500
Starting Home Value
$706,683
Option Percentage
32.6%
Appreciation Cap
20.0% / yr
Initial LTV
14.5%
CLTV
61.7%
Term
15 years
Origination
Feb 1, 2025
Funded
—
Maturity
Feb 1, 2040

Risk & Market

Risk Grade
B+
MSA HPA (1y)
6.0%
MSA HPA (5y avg)
9.5%
MSA Unemployment
3.3%
MSA Foreclosure Rate
0.26%

Documents

  • HEI-2025-023-Appraisal-URAR.pdf
    Appraisal · 3.2 MB
  • HEI-2025-023-Title-Commitment.pdf
    Title · 1.1 MB
  • HEI-2025-023-HEI-Agreement.pdf
    Contract · 842 KB
  • HEI-2025-023-Preliminary-CD.pdf
    Closing · 512 KB
  • HEI-2025-023-Property-Photos.zip
    Media · 12.4 MB
  • HEI-2025-023-Investor-Term-Sheet.pdf
    Investor · 284 KB

Deal Team

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