Pipeline / HEI-2025-025

HEI-2025-025

In Review Risk Grade B+
258 Spruce Ct, Salt Lake City, UT 84102
Investment
$86,500
13.9% of value
Option %
31.2%
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%$645,987$93,415$85,9420.99×-0.1%
Base Case BASE3.5%$793,677$139,494$128,3351.48×5.8%
Upside 6.0%$937,999$184,523$169,7611.96×10.1%
Strong Upside 8.5%$1,104,255$236,395$217,4832.51×14.1%
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: 17.5% annualized.

Property & Valuation

Property Type
Single Family Residence
Year Built
2014
Living Area
2,455 sqft
Lot Size
8,198 sqft
Beds / Baths
3 / 1
Occupancy
Primary Residence
Years in Home
13 yrs
Valuation Method
Full Appraisal (URAR 1004)
Appraised Value
$623,823
AVM Value
$622,194
1st Lien Balance
$341,881
CLTV after HEI
68.7%

Borrower Profile

Anonymized · ID FA-3150
FICO
711
DTI
37.5%
Annual Income
$206,500
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
$86,500
Starting Home Value
$623,823
Option Percentage
31.2%
Appreciation Cap
17.5% / yr
Initial LTV
13.9%
CLTV
68.7%
Term
10 years
Origination
Feb 1, 2025
Funded
—
Maturity
Feb 1, 2035

Risk & Market

Risk Grade
B+
MSA HPA (1y)
3.5%
MSA HPA (5y avg)
4.3%
MSA Unemployment
3.3%
MSA Foreclosure Rate
0.75%

Documents

  • HEI-2025-025-Appraisal-URAR.pdf
    Appraisal · 3.2 MB
  • HEI-2025-025-Title-Commitment.pdf
    Title · 1.1 MB
  • HEI-2025-025-HEI-Agreement.pdf
    Contract · 842 KB
  • HEI-2025-025-Preliminary-CD.pdf
    Closing · 512 KB
  • HEI-2025-025-Property-Photos.zip
    Media · 12.4 MB
  • HEI-2025-025-Investor-Term-Sheet.pdf
    Investor · 284 KB

Deal Team

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