Asset Based Lending recently funded a DSCR rental loan for a new borrower in Portsmouth Virginia. This real estate investor contacted ABL for a cash out and refinance loan on a rental property with tenants in place. The units collect monthly rent at rates slightly below the current market rate. With a DSCR of 1.27 this property is already cash-flowing for the borrower and contributing to their real estate portfolio. Portsmouth VA has a strong renter population, with 44% of residents renting versus owning their homes. Residents of Portsmouth are in proximity to many attractions and amenities such as nature walks around the Chesapeake and Virginia Beach area, as well as metropolitan areas like Richmond.
