201-942-9089 info@abl1.net

Albany New York DSCR Rental Loan

Address: Albany, New York
Borrower Profile: First Time Borrower — Real Estate Investor
Purchase Price: $300,000
Appraised Value: $300,000
Loan Amount: $240,000
Loan Structure: Fully Amortizing 30-Year
Loan Purpose: Purchase Only
DSCR: 1.11
MN Rental Property Loan
Lakeville Hard Money Lender
Situation:

Asset Based Lending recently funded a DSCR rental loan for a firs time borrower in Albany, New York. This multi-family property was purchased for $300,000 with an appraised value of $300,000 and a loan amount of $240,000. The first level unit includes a living room, with a pass through to the kitchen, full bath and two bedrooms. Downstairs you will find a partially finished basement with a large second living area and spacious walk-in closet. The second floor has a mirror image of the first floor and has stackable laundry in the bathroom area. Opening from kitchen to living room gives both units that open floor plan feel. There are newer boilers, windows, and gutters. With a large fence in the yard and newly paved driveway, the borrower made a great choice to purchase this property. With 62% of Albany being renter occupied and a DSCR of 1.11, the borrower is already positive cash flowing and streamlining the success of their real estate portfolio.