Asset Based Lending recently funded a DSCR loan for a first-time borrower in Memphis Tennessee. This borrower contacted ABL for a rate and term refinance on a rental property already in their portfolio. There is already a tenant in place in this rental property and the borrower is collected monthly market rate rent. With a DSCR of 1.21, this property is generating positive cashflow for this borrower’s portfolio. Memphis is the second largest city in Tennessee and offers residents great career opportunities as well as recreational activities and deep cultural heritage. This is a great area for rental property investors as 53% of residents rent versus own their homes.
