Asset Based Lending recently funded a DSCR rental loan for a first-time borrower and real estate investor in Merritt Island Florida. This borrower used ABL’s DSCR rental loan to purchase a single-family home with the intention of leasing it and collecting monthly cashflow. Though the property was not leased when the borrower purchased it, they expect to receive approximately $3,000 a month in rent based on comparable properties in the area. With the property leased the expected DSCR will be 1.00, providing this borrower with a positive monthly cashflow. Merritt Island is located off the east coast of Florida near places like Cocoa Beach and Cape Canaveral. Only 20% of residents on Merritt Island are renting their home, making this single-family rental a hidden gem.
