201-942-9089 info@abl1.net

Newark New Jersey DSCR Rental Loan

Address: Newark, New Jersey
Borrower Profile: Repeat Borrower — Real Estate Investor
Purchase Price: $50,000
Appraised Value: $469,000
Loan Amount: $328,300
Loan Structure: Fully Amortizing 30-Year
Loan Purpose: Cash Out Refinance
DSCR: 1.38
NJ Rental Property Investor
New Jersey Rental Loan
Situation:

Asset Based Lending recently funded a DSCR rental loan for a repeat borrower in Newark, New Jersey for a repeat borrower and real estate investor. The property was purchased for $50,000 with an appraised value of $469,000 and a loan amount of $328,300. The borrower recently completed renovations on this property and was looking to cash out and refinance their previous loan. With 68% of households in Newark being renter occupied, this is a great investment for the borrower’s real estate portfolio. With a DSCR of 1.38 it is already generating positive cashflow and contributing to the borrower’s real estate portfolio.