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Midway Park North Carolina DSCR Rental Loan

Address: Midway Park, North Carolina
Borrower Profile: First Time Borrower — Real Estate Investor
Purchase Price: $151,000
Appraised Value: $243,000
Loan Amount: $157,950
Loan Structure: Fully Amortizing 30-Year
Loan Purpose: Cash Out Refinance
DSCR: 1.12
Midway Park Rental Loan
Midway Park Rental Loan

Asset Based Lending recently funded a DSCR rental loan for a new borrower in Midway Park North Carolina. This real estate investor contacted ABL for a cashout refinance loan for a single-family property. At the time of purchase the property was not occupied, but the investor expects to collect market. With a DSCR of 1.12 this property will generate positive cash-flow for the borrower. Midway Park North Carolina is located near the coast, north of Wilmington. There is a strong rental community in this area. About 83% of residents are renting their homes in this area making this a great area for rental property investors.