Asset Based Lending has expanded its long term rental loan program to include multifamily properties up to nine units and mixed-use properties that are minimum 70% residential. This program growth is fueled by the success of the term loans that ABL introduced at the start of 2021, bringing rental loans in-house for the first time in the company’s history. Since the program’s creation, ABL has hired several underwriters, processors, and loan officers to specialize in the term lending product to ensure our borrowers have the resources needed for fast, reliable closings.
“We’re relentlessly focused on being the best possible one-stop lending partner for our borrowers, and that can’t happen without product development. Expanding our rental loan program to offer more aggressive leverage and cater to additional asset classes allows our borrowers to execute their business plans with the team they’ve grown to trust.”
Multifamily property has become a hot investment class with build-to-rent and BRRRR investment strategies rising in popularity, so ABL is proud to offer loans that help finance these types of deals. Townhomes, condos, small apartment complexes and more can fall under this 1-9 unit multifamily category which gives our borrowers a lot of variety in the types of properties they can search for.
This program expansion also comes with higher maximum leverage, now offering up to 80% LTV for purchase, rate/term refinance, and cash outs. ABL’s goal is to provide the most borrower-friendly rental loans on the market, always striving for a five-star loan experience with the best possible terms that we can offer. By raising our maximum leverage and expanding the asset classes we can lend on, we hope to help a greater amount of real estate investors scale their business and maximize their potential profits.
Our loans for mixed-use properties follow the same guidelines and process as our multifamily rental loans. For mixed-use properties, ABL requires the property be at least 70% residential, meaning capped at 30% commercial. This calculation occurs by one of two ways- the percentage of the property’s square footage, and the percentage of the property’s rent roll. Neither the square footage or the rent roll can be below 70% residential for us to lend on it.
These rental loans provide funding for buy and hold investors that want to start or expand their rental investment portfolio. After a decade as the most reliable hard money lender, ABL wants BRRRR investors to have a fast and flexible lender to help finance their next success. Our loans are written to match your specific project and can be structured with 30 year amortizing, ARM, or interest-only options. We provide this type of loan across the entire east coast, as well as Texas, and are continuing to expand our reach to help real estate investors across the country.
ABL has full control of our finances and does all of our loan underwriting and processing in-house, allowing us to provide flexible loans that offer highly competitive rates and leverage. Our rates start as low as 6.75% with a maximum loan size of $3M for single property loans and portfolio loans up to $6.25M. All of our rental loans are “doc-light” – no personal income verification required – and are available for inexperienced investors, assessing the deal based on the income-producing viability of the rental property. We provide loan approval as fast as 24 hours and average closing in about 30 days, letting you focus on your project instead of worrying about securing capital. Our team is always ready to discuss your next real estate investment or answer any questions you may have, so contact us at 201-942-9090 or email us at firstname.lastname@example.org.