Asset Based Lending recently funded a multifamily purchase in Bronx New York. Using our DSCR rental loan this first time borrower was able to purchase a 3-family home at $350,000. The borrower refinanced this property with ABL after completing renovations to the units, which brought the appraised value up to $975,000. There are tenants in place and the borrower is collecting $8,714 in monthly rent, which is at the higher end of the Bronx’s average market rent. With 81% of residents in the Bronx being renters, and this property boasting a DSCR of 1.37, it is cash-flow positive and a strong property for the borrower to have in their rental portfolio.
