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Recently Funded Rental Loans In NJ

by | Mar 30, 2022 | 0 comments

Investing in rental property is becoming the preferred strategy by many real estate investors, especially with rents rising across the country. On average, rents have risen between 10% and 20% over the last two years, providing positive cash flow to buy-and-hold investors. Given the current rising rate environment, we wanted to highlight some recent rental loans that our borrowers closed using our rate lock program. This program allows borrowers to lock their interest rate for 30 days, guarding it from rising rates at the cost of minimal basis points, depending on the loan type. Please note that some of the interest rates for these recently funded rental loans are no longer obtainable. Rates are rising every single week, so investors need to move their deals quickly to ensure they receive the best possible interest rate for your rental property loan.

Multi-Family 2 Rate And Term Rental Loan In Jersey City NJ

One of our most popular lending areas is our home city of Jersey City, where rental property investments are skyrocketing. This loan was for a rate-and-term refinance of a two-unit multifamily property. The property is measured at a total 1,765 square feet and will be delivered vacant. We provided a loan amount of $535,000 that included a cash out of $15,124 with total loan funded at 65% LTV. This fully amortizing 30-year rental loan was issued at 4.75% interest rate. The borrower was able to lock this interest rate with us for 30 days at the cost of fifteen basis points, allowing them peace of mind while the loan is processed and closed. This multifamily rental property is expected to bring in a gross monthly rent of $4,000, providing a cash-flow property for this real estate investor to hold in their portfolio.

Cash Out Of Multi-Family 2 In Jersey City NJ

We have another Jersey City rental loan, this time a cash-out refinance for a two-unit multifamily. The property is measured at a total 1,582 square feet and already has both units rented out, so the property will immediately begin generating passive monthly income for the borrower. We provided a loan amount of $512,000 with a cash out of $39,895 and total loan funded at 72% LTV. This fully amortizing 30-year rental loan was issued at 5% interest rate. Based on the loan type, the borrower was able to lock this interest rate at no additional charge, giving them 30-days of immunity from potential rate hikes. This multifamily rental property is expected to bring in a gross monthly rent of $4,400.

Cash Out Refinance Of Multi-Family 2 In Bogota NJ

Multifamily property investing has become one of the most popular investment opportunities, as highlighted by yet another two-unit multifamily making our NJ rental loan list. The property is measured at a total 2,491 square feet and has both units occupied with leases in place, so this asset will immediately begin generating income for the borrower. We provided a loan amount of $351,000 with a cash out of $104,655 and total loan funded at 52% LTV. This full amortizing 30-year rental loan was issued at 4.75% interest rate and was locked at that rate for 30 days for the cost of fifteen basis points (or $526.50). This multifamily rental investment is expected to achieve $5,300 in gross monthly rental income.

Keansburg NJ Cash Out Refinance Of Hard Money Loan

ABL offers rental loans for single family properties as well, as highlighted by the cash out refinance of this single-family in Keansburg NJ. The property is measured at a total 1,260 square feet and will be delivered vacant. The investor first purchased and renovated the property with our fix and flip loan, then used our rental refinance program to transition into this term rental loan. We provided a loan amount of $240,000 with a cash out of $24,800 and total loan funded at 75%. This fully amortizing 30-year rental loan was issued at 5.875%, which was rate locked for thirty days for no additional charge based on the loan parameters. This single-family rental property is expected to bring in a gross monthly rent of $2,400 once a tenant is acquired.

Cash Out Refinance In Orange Township NJ

Our final loan highlight is for the cash out refinance for a two-unit multifamily in Orange Township NJ. The property is measured at a total 2,166 square feet with both units already having tenants in place, meaning this rental property will begin generating monthly income right away. We provided a loan amount of $897,750 with a cash out of $668,391 and total loan funded at 75% LTV. This fully amortizing 30-year rental loan was issued at 4.75% interest rate. The borrower locked their interest rate using our rate lock program at the cost of only fifteen basis points, ensuring their loan rate wouldn’t change for 30 days in exchange for a small upfront fee. This multifamily rental property is expected to bring in a gross monthly rent of $4,000.

Choosing ABL For Your New Jersey 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 on the market. ABL works diligently to provide the best possible interest rates for our borrowers, ensuring that BRRRR investors receive favorable rental loans with 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 1-9 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 NJ rental loan.

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