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Rental Loans In NJ – Recently Funded

by | Oct 1, 2021 | 0 comments

Asset Based Lending introduced its term rental loans earlier this year, and we’ve already helped many investors begin or expand their rental portfolios. 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 NJ 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 loans for rental property are serviced throughout the entire state of New Jersey, helping investors from Hudson County down through Atlantic County and everywhere in between.

Rate And Term Refinance From ABL Hard Money Loan In Linden NJ

This rental property is a four-unit multi-family in Linden NJ measured at 3,584 square feet. The loan is a fully amortizing 30-year rental loan with a total loan amount of $367,500 and interest rate of 4.5%. The borrower initially purchased this property and renovated it with our fix and flip loan, then refinanced into a term rental loan with our rental refinance program. The property was purchased for $425,000 and was appraised for $586,000 after renovations. Total investor income for this Union County rental property is expected to be $6,000/month with a DSCR of 1.94.

2-Family Rate And Term Refinance In Phillipsburg NJ

This rental property is a two-unit multi-family in Phillipsburg NJ measured at 2,009 square feet. The property was purchased for $93,000 with a current value of $190,000. The loan is a fully amortizing 30-year rental loan with a total loan amount of $114,000 and interest rate of 3.85%. Total investor income for this Warren County rental property is expected to be $2,250/month with a DSCR of 2.09.

Cash Out Refinance On Multi-Family 3 In Newark NJ

This rental property is a three-unit multi-family in Newark NJ measured at 3,671 square feet. The loan is a fully amortizing 30-year rental loan with a total loan amount of $360,000 and interest rate of 5.375% at 75% LTV. The borrower refinanced their existing loan into this ABL term loan and received a cash-out of $193,705. The property was purchased for $170,000 and has an appraised value of $480,000. Total investor income for this Essex County rental property is expected to be $4,700/month with a DSCR of 1.64.

Multi-Family Portfolio Cash Out Refinance In NJ

This loan was a 5 property portfolio cash out refinance for a repeat borrower with ABL made up of a mix of 2 and 3 family properties throughout New Jersey. Most of these properties were originally acquired through ABL’s fix and flip bridge loans and are now transitioning into our rental loan refinance program. The total loan amount was $1,747,200 at 69% LTV with a 1.57 DSCR and an interest rate of 3.75%. The borrower was able to pull out approximately $1.4M in cash from equity to use towards future real estate deals.

Paterson NJ Cash Out Refinance Of Hard Money Loan

This rental property is a three-unit multi-family in Paterson NJ measured at 2,702 square feet. The loan is a fully amortizing 30-year cash out refinance rental loan with a total loan amount of $332,500 and interest rate of 5.125% at 70% LTV. The borrower received over $113,000 cash at close. 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. The property was purchased for $85,000 and has a current value of $475,000. Total investor income for this Passaic County rental property is expected to be $4,725/month with a DSCR of 1.97.

Why Investors Choose ABL For New Jersey 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% 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 and reliable closings, ABL is the premier lender for BRRRR loans. Contact us today to have your loan approved as fast as 24 hours.

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