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Mastic Beach New York DSCR Rental Loan

Address: Mastic Beach, New York
Borrower Profile: First Time Borrower — Experienced Real Estate Investors
Purchase Price: $225,000
Appraised Value: $360,000
Loan Amount: $252,000
Loan Structure: Fully Amortizing 30-Year
Loan Purpose: Cash Out Refinance
DSCR: 1.18
New York Rental Property
New York Hard Money Lender

This borrower is refinancing this single family home out of a bridge loan into a DSCR rental loan with Asset Based Lending. This property is in Mastic Beach New York, on the southern end of Long Island in Suffolk County. Suffolk County draws in many young families as this is an area with an affordable cost of living and accessibility to New York City and many beaches. Renters make up 19% of the residents of Mastic Beach, and 83% of the rental properties are single family homes. This single family rental home was purchased for $225,000 and was later appraised for $360,000. With tenants already in place the borrower is collecting $3,200 in monthly rent. With a DSCR of 1.18 this property is cash-flow positive and generating passive income for this rental property investor.

Long Island Hard Money Lender
NY Hard Money Lender
Mastic Beach Rental Property