Asset Based Lending recently funded a DSCR rental loan for a first-time borrower in Newark, New Jersey. This investor contacted ABL for a cash out refinance loan for a two-family property. The property is unoccupied, but once the investor rents the property out to tenants, they expect to collect market rent for both units. With a DSCR of 1.34 this property will generate positive monthly cash-flow and contribute to the borrower’s investment portfolio. Located a short train ride away from New York City, Newark is a great location for residents who regularly commute into Manhattan. Most of Newark’s residents rent versus owning their home making it a perfect place for investors to purchase rental properties.
