Pipeline / HEI-2025-024

HEI-2025-024

In Review Risk Grade A-
654 Maple Dr, San Diego, CA 92103
Investment
$136,000
16.3% of value
Option %
36.8%
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%$861,756$146,881$135,1300.99×-0.1%
Base Case BASE3.5%$1,058,777$219,384$201,8341.48×5.8%
Upside 6.0%$1,251,305$290,235$267,0161.96×10.1%
Strong Upside 8.5%$1,473,093$371,853$342,1042.52×14.1%
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: 17.5% annualized.

Property & Valuation

Property Type
Single Family Residence
Year Built
1995
Living Area
2,358 sqft
Lot Size
7,806 sqft
Beds / Baths
4 / 1
Occupancy
Primary Residence
Years in Home
7 yrs
Valuation Method
Full Appraisal (URAR 1004)
Appraised Value
$832,189
AVM Value
$842,810
1st Lien Balance
$322,081
CLTV after HEI
55.0%

Borrower Profile

Anonymized · ID CB-5519
FICO
741
DTI
28.7%
Annual Income
$178,500
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
$136,000
Starting Home Value
$832,189
Option Percentage
36.8%
Appreciation Cap
17.5% / yr
Initial LTV
16.3%
CLTV
55.0%
Term
15 years
Origination
Feb 1, 2025
Funded
—
Maturity
Feb 1, 2040

Risk & Market

Risk Grade
A-
MSA HPA (1y)
10.7%
MSA HPA (5y avg)
9.6%
MSA Unemployment
3.4%
MSA Foreclosure Rate
0.54%

Documents

  • HEI-2025-024-Appraisal-URAR.pdf
    Appraisal · 3.2 MB
  • HEI-2025-024-Title-Commitment.pdf
    Title · 1.1 MB
  • HEI-2025-024-HEI-Agreement.pdf
    Contract · 842 KB
  • HEI-2025-024-Preliminary-CD.pdf
    Closing · 512 KB
  • HEI-2025-024-Property-Photos.zip
    Media · 12.4 MB
  • HEI-2025-024-Investor-Term-Sheet.pdf
    Investor · 284 KB

Deal Team

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