Pipeline / HEI-2025-053

HEI-2025-053

In Review Risk Grade B+
789 Pine Rd, Seattle, WA 98103
Investment
$104,500
13.0% of value
Option %
29.3%
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%$831,995$112,864$103,8350.99×-0.1%
Base Case BASE3.5%$1,022,212$168,598$155,1101.48×5.8%
Upside 6.0%$1,208,090$223,060$205,2151.96×10.1%
Strong Upside 8.5%$1,422,219$285,800$262,9362.52×14.1%
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
2008
Living Area
2,561 sqft
Lot Size
8,240 sqft
Beds / Baths
3 / 2
Occupancy
Primary Residence
Years in Home
12 yrs
Valuation Method
Full Appraisal (URAR 1004)
Appraised Value
$803,449
AVM Value
$807,818
1st Lien Balance
$284,918
CLTV after HEI
48.5%

Borrower Profile

Anonymized · ID BJ-7741
FICO
727
DTI
32.0%
Annual Income
$198,000
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
$104,500
Starting Home Value
$803,449
Option Percentage
29.3%
Appreciation Cap
17.5% / yr
Initial LTV
13.0%
CLTV
48.5%
Term
10 years
Origination
Feb 1, 2025
Funded
—
Maturity
Feb 1, 2035

Risk & Market

Risk Grade
B+
MSA HPA (1y)
5.4%
MSA HPA (5y avg)
4.9%
MSA Unemployment
5.1%
MSA Foreclosure Rate
0.07%

Documents

  • HEI-2025-053-Appraisal-URAR.pdf
    Appraisal · 3.2 MB
  • HEI-2025-053-Title-Commitment.pdf
    Title · 1.1 MB
  • HEI-2025-053-HEI-Agreement.pdf
    Contract · 842 KB
  • HEI-2025-053-Preliminary-CD.pdf
    Closing · 512 KB
  • HEI-2025-053-Property-Photos.zip
    Media · 12.4 MB
  • HEI-2025-053-Investor-Term-Sheet.pdf
    Investor · 284 KB

Deal Team

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