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Rental Loans In Florida – Recently Funded

by | Nov 10, 2021 | 0 comments

After launching our in-house rental loan product earlier this year, the ABL team has helped many investors begin or expand their rental portfolios in Florida. The Sunshine State has been a hot spot for long-term and short-term rental properties, so investors need fast and reliable lenders to remain competitive in the market and acquire these desirable rental units. Whether it’s a build to rent model for developers or a fix and flip that’s refinanced into a rental loan, ABL is servicing BRRRR investors throughout the east coast. We recently funded several different rental loans in FL that we wanted to highlight for our borrowers to show how they could utilize our programs to scale their real estate business quickly and effectively. These rental loans are serviced throughout the entire state of Florida, helping investors from Marion County down to Miami-Dade County and everywhere in between.

Ocala Single-Family Purchase

This rental property is a single-family in Ocala Florida measured at 1,225 square feet. The loan is a fully amortizing 30-year rental loan with a total loan amount of $92,000 and interest rate of 5.125%. The borrower acquired this property with a tenant already locked in place, so the asset will immediately begin generating monthly income for the investor. The property was purchased for $123,000 and was recently appraised for $130,000. Total investor income for this Marion County rental property is expected to be $1,250/month with a DSCR of 1.31.

Fort Myers FL Single-Family Cash Out Refinance

This rental property is a single-family in Fort Myers Florida measured at 1,964 square feet. The loan is a fully amortizing 30-year rental loan with a total loan amount of $231,000 and interest rate of 5.625%. The borrower initially purchased this property and renovated it with our fix and flip loan, then refinanced into a rental loan with our rental refinance program. This rental loan also included a cash out of $96,205 that the borrower could use as liquid capital towards their next real estate investment. The property was purchased for $178,000 and was appraised for $330,000 after renovations. Total investor income for this Lee County rental property is expected to be $2,450/month with a DSCR of 1.57.

Miami FL Condo Purchase

This rental property is a 2-bedroom, 2-bathroom condo in Miami Florida measured at 1,253 square feet. The loan is a fully amortizing 30-year rental loan with a total loan amount of $522,000 at 75% LTV and interest rate of 4.05%. The borrower purchased this property with a tenant already locked in, so this asset will immediately begin generating passive monthly income for the borrower. The property was purchased for $725,000 which is currently the market estimated value. Total investor income for this Miami-Dade rental property is expected to be $6,500/month with a DSCR of 1.10.

Crestview FL Multi-Family Purchase

This rental property is a three-unit multi-family in Crestview Florida measured at 2,530 square feet. The loan is a fully amortizing 30-year rental loan with a total loan amount of $192,000 and interest rate of 5% at 80% LTC. The borrower purchased this property with tenants in place so the asset will already start generating monthly income. The property was purchased for $240,000 and holds an estimated current value of $290,000. Total investor income for this Okalossa County rental property is expected to be $2,750/month with a DSCR of 2.00.

Why Investors Choose ABL For FL Rental Loans

Asset Based Lending is proud to offer reliable rental loans to real estate investors, adding another program to our borrower-friendly financing. With rates starting as low as 6.5% and maximum LTV of 80%, we provide rental loans for 1-4 family properties that can be structured as 30-year amortizing, ARM, or interest-only options. Our single property rental loans can go up to $3M, and our rental portfolio loans can go up to $6.25M. With flexible loans that include short-term and long-term programs, ABL is the premier lender for BRRRR loans.

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