Asset Based Lending recently funded a DSCR rental loan for a repeat borrower in Newark, New Jersey for a repeat borrower and real estate investor. The property was purchased for $50,000 with an appraised value of $469,000 and a loan amount of $328,300. The borrower recently completed renovations on this property and was looking to cash out and refinance their previous loan. With 68% of households in Newark being renter occupied, this is a great investment for the borrower’s real estate portfolio. With a DSCR of 1.38 it is already generating positive cashflow and contributing to the borrower’s real estate portfolio.
