Asset Based Lending recently funded a DSCR rental loan for a first-time borrower in Knoxville Tennessee. This borrower refinanced a rental property using a 5-year step down loan. The borrower recently completed renovations on this property and was looking to cash out and refinance their previous loan. The property is rented and collects monthly market rent. With a DSCR of 1.03 it is already generating positive cashflow and contributing to the borrower’s real estate portfolio. Knoxville is a great location for rental property investors as 53% of residents rent their property versus owning. Knoxville offers residents a suburban lifestyle with access to major metro areas and the amenities that come with it.
