201-942-9089 info@abl1.net

Covington, Kentucky DSCR Rental Loan

Address: Covington, Kentucky
Borrower Profile: First Time Borrower — Real Estate Investor
Purchase Price: $455,000
Appraised Value: $484,000
Loan Amount: $341,250
Loan Structure: Fully Amortizing 30-Year
Loan Purpose: Purchase
DSCR: 1.18
MN Rental Property Loan
Lakeville Hard Money Lender
Situation:

Asset Based Lending recently funded a DSCR rental loan for a first-time borrower in Covington Kentucky. This borrower contacted ABL to purchase a 3-unit rental property to incorporate into their real estate portfolio. The multifamily has a main home with 2 units and an accessory dwelling unit with 1 unit. With a DSCR of 1.18 this property has the potential to cashflow and generate positive income for this borrower once tenants are in place. Covington Kentucky is located on the border of Kentucky and Ohio along the Ohio River. Residents of Covington are split evenly between renting and owning their homes, making it a great location for rental property investors.