This stated-income borrower has a 481 FICO score and has outstanding judgments and other involuntary liens on his credit report. He purchased this property using all cash and needed a quick $175,000 cash-out first mortgage to replenish his coffers. Sequoia made this 50% loan-to-value first mortgage at 12% and charged a modest $7,000 origination fee. The borrower was ecstatic to have our loan after being denied financing by others.