Thank you for the detailed email. I know Veer extremely well. I was the original in-house lender, lived in the building, owned units there, and understand its entire history, including the bulk sale. I also closed two Veer loans this week—one using a 12-month bank-statement program and another using standard W-2s, pay stubs, and tax returns. Your DSCR calculation is generally correct. The high HOA dues will significantly limit the loan amount. If you qualify personally, I would recommend a straightforward investment-property cash-out refinance instead of DSCR. The loan cannot close in the name of Sydnee, Inc. Title would need to be transferred into your individual name or an eligible trust. After closing, you can explore transferring it back into the corporation, subject to the applicable lender and title requirements. Regarding Fannie Mae, the historical 50% issue involved one person or entity controlling more than 50% of the project—not 50% of the units being investor-owned. A building can have a high investor concentration and still qualify for primary-residence and second-home financing. Investment-property financing is where the concentration may create restrictions. I am also familiar with the construction-defect case. We will need the current resale package and condo documentation to determine whether the remediation work or a potential special assessment creates an issue. Once you confirm the actual HOA dues, I can compare the conventional and DSCR options and give you a reliable loan amount. -----Original Message----- From: Kelvin Yan <[email protected]> Sent: Friday, August 14, 2026 5:33 PM To: Derek Parent <[email protected]> Subject: Cash-out refinance inquiry — Veer Towers condo, entity-owned, free and clear Derek, I understand high-rise and non-warrantable condo financing is your specialty and that you've done business at Veer specifically, which is why I'm coming to you first. The property — 3722 S Las Vegas Blvd #304, Veer Towers East, Las Vegas NV 89158. APN 162-20-715-004. - 1 bed / 1 bath, approximately 841 sq ft per the assessor, 3rd floor - Purchased June 2022 for $445,000, all cash. Owned free and clear, no lien of any kind. - Owned by Sydnee, Inc., a Nevada S corporation. I'm the president. - Currently vacant and furnished. Prior leases: $2,060 in 2023, $3,000 through March 2025. - Comparable low-floor 1BRs at Veer are currently listed between $455,000 and $500,000. What I'm exploring is a cash-out refinance, and I'd like your read on four things. First, the number. My own rough math suggests DSCR underwriting caps this lower than the LTV would imply, because Veer's HOA dues sit inside PITIA and eat most of the rent. At an achievable rent somewhere around $2,750 to $2,900, I get to roughly $130,000 at a 1.00 minimum DSCR and maybe $200,000 at 0.85. I'd like to know whether that's roughly right, and where your programs actually land. Second, whether a conventional investment-property cash-out prices better than DSCR here, given the property is entity-owned and I'd want to keep title in Sydnee, Inc. Third, and this may be the most valuable question: is Veer warrantable today? My understanding is that Fannie Mae eliminated the 50% investment-property concentration limit for established projects effective 18 March 2026, and that this was historically the thing disqualifying Veer given how cash-dominated the building has been since the 2012 bulk sale. If a condo questionnaire now comes back warrantable, that changes my options here and separately affects how I market the unit. I'd happily pay for you to run one. Fourth, one disclosure that will come up in condo review, so I'd rather raise it myself: the association's construction defect case against the developer and general contractor — Veer Towers Unit Owners Association v. CityCenter Veer Towers Development LLC, Clark County case A-21-836758-C — settled and was dismissed with prejudice in June 2024, and the HOA has been selecting contractors for remediation work. I don't yet know whether a special assessment is coming out of it. I've requested the resale package. If that history is a problem for a particular program, I'd rather hear it now. One more open item: I've seen Veer HOA dues for this size unit quoted anywhere between $671 and $1,150 a month depending on the source. That $480 swing obviously moves any DSCR calculation materially, and I'm working on pinning down the real figure. If it's easier to talk this through, I'm glad to. Kelvin Yan President, Sydnee, Inc. -- This message is intended only for the addressee and may contain confidential information. If you received it in error, please notify the sender and delete it.