This repeat borrower and experienced real estate investor is refinancing a multi-family home in Paterson, New Jersey with Asset Based Lending’s DSCR rental loan. This home was purchased for $350,000 with a loan amount of $325,000 and an appraised value at $500,000. Typically, this borrower does fix and flips but decided to hold this property as an income producing asset. As of June 2023, 74% of the households in Paterson, NJ are renter occupied, making this a great choice for this investor’s real estate portfolio. As a positive cash-flow property with a DSCR of 1.24, this is a passive income producing investment property for this borrower.
