201-942-9089 info@abl1.net

Jersey City, New Jersey DSCR Rental Loan

Address: Jersey City, New Jersey
Borrower Profile: First Time Borrower — Real Estate Investor
Purchase Price: $505,000
Appraised Value: $780,000
Loan Amount: $507,000
Loan Structure: Fully Amortizing 30-Year
Loan Purpose: Rate and Term Refinance
DSCR: 1.11
Jersey City DSCR Loan

Asset Based Lending recently funded a DSCR loan for a first-time borrower in Jersey City New Jersey. This borrower contacted ABL to refinance their existing two-family rental property into a 120-month interest-only three-year step-down loan. Both units are leased and currently collecting monthly market rate rent. With a DSCR of 1.11 this property is generating positive cashflow for this borrower. Jersey City is located over the Hudson River from Manhattan making it a perfect place for people commuting to NYC regularly. The market rent rates in Jersey City NJ are nearly double the national average, and with 70% of residents renting their homes, this is a great location for rental property investors.