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Recently Funded Rental Loans In MD

by | Aug 24, 2022 | 0 comments

Asset Based Lending offers real estate investors a variety of rental loan options throughout the state of Maryland and beyond. Today we wanted to highlight some of our recent Maryland rental loans to show what our borrowers are seeing in the market and how we’re helping them scale their real estate business into money-making machines.

All these loans utilized ABL’s 15-day rate lock to avoid impacting their loans in this rate-rising environment. As lenders, we’re subject to rate changes as much as the rest of the market, so we worked with our capital partners to develop a program that allows real estate investors to lock the interest rate on their rental loans. Borrowers just need to use our partner title company, which also comes with a discounted fee, and submit their credit authorization along with two months of bank statements to lock their rate for 15 days. Our goal is to make sure our lending process is as investor friendly as possible, despite the shifting market conditions.

Single Family Cash Out Refinance Rental Loan In Cheltenham MD

Our first rental loan comes from Cheltenham, located in Prince George county. This loan was for a cash out refinance of a single family property. The property is measured at 1,056 square feet and already has a tenant in place, so the asset will immediately begin generating monthly income. We provided a loan amount of $304,500 that included a cash out of $30,717 with total loan funded at 75% LTV. This full amortizing 30-year rental loan was issued at a 7% interest rate. Without any renovation, this single family rental property is expected to bring in a gross monthly rent of $4,655.

Rate And Term Refinance Of Single Family In Cheltenham MD

We financed another single family rental property in Cheltenham, which was a rate and term refinance. The property is measured at 1,404 square feet and already has a tenant in place, so the asset will immediately begin generating monthly income. We provided a loan amount of $424,000 that included a cash out of $127,202 with total loan funded at 80% LTV. This fully amortizing 30-year rental loan was issued at 6.625% interest rate. As a single family rental investment, the property is expected to bring in a gross monthly rent of $4,027.

Property Purchase Loan in Hagerstown MD

The same borrower from the previous deal wanted to expand their rental portfolio so we helped them finance the property purchase of a two-unit multifamily in Hagerstown, which is a moderately-sized city that anchors the metro area of northwest Maryland. The property is measured at 2,641 square feet and has both units vacant, so tenants will need to be acquired. We provided a loan amount of $212,000 with a cash out of $210,205 and total loan funded at 80% LTV. This fully amortizing 30-year loan with 5-year stepdown was issued at 5.875% interest rate. This multifamily property is expected to bring in a gross monthly rent of $2,150, and the borrower will hold this and the previous property as income-producing assets for years to come.

Cash Out Refinance Of Single Family In Baltimore MD

This next Maryland rental loan is located in Baltimore, the biggest city in the state and an area where approximately half of the population rents instead of owns. This loan was for the cash out refinance of a single-family home. The property is measured at a total 1,469 square feet and we provided a loan amount of $154,500 with a cash out of $38,081 and total loan funded at 75% LTV. This fully amortizing 30-year rental loan was issued at a 6.375% interest rate. This Baltimore rental property is expected to bring in a gross monthly rent of $1,662, which is above the average monthly rent for the city.

Cash Out Refinance Of Single Family In Baltimore MD

Our final loan highlight is for another cash out refinance of a single family property in Baltimore. The property is measured at 2,108 square feet and is already tenant-occupied, so the asset will immediately begin generating monthly income for the borrower. We provided a loan amount of $232,500 with a cash out of $134,579 with total loan funded at 75% LTV. This fully amortizing 30-year rental loan was issued at 6.5% interest rate. With no renovation to the property, this single family rental is expected to bring in a gross monthly rent of $2,150.

Choosing ABL For Your Maryland Rental Loans

Asset Based Lending is proud to offer a rate lock program on our rental loans, as well as our bridge loans for fix and flips and new construction. This rate rising environment can impact the exit strategy of real estate investors, so we try to evolve our programs to match the market and maintain the most borrower-friendly financing available today. ABL works diligently to provide the best possible interest rates for our borrowers, ensuring that BRRRR investors receive favorable rental loans with our signature five-star service from start to finish.

With rates starting as low as 6.625% and maximum LTV of 80%, we provide rental loans for 1-10​ family properties that can be structured as 30-year amortizing, ARM, or interest-only options. Whether it’s a traditional long-term lease rental property, or you’re looking for Airbnb rental loans, our term rental program can help finance your next success. Contact us today to discuss your deal and be approved for your MD rental loan.

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