This first-time borrower recently purchased a 3-family home in Providence Rhode Island using a DSCR rental loan through Asset Based Lending. This property was purchased for $350,000 and later was appraised for $632,000. The borrower refinanced it after completing renovations and is holding on to it to rent out. With tenants in place the borrower is collecting passive income from the $5,658 in monthly rent, and it is a positive cash-flow investment with a DSCR of 1.20. In Providence 60% of residents are renters and the rent costs consistently trend higher than the national average which makes this property a meaningful addition to this borrower’s investment portfolio. With the number of colleges and universities, and the expanding job market, this city offers great opportunities for real estate investors.
