Asset Based Lending recently funded a DSCR rental loan for a repeat borrower in Randolph, New Jersey. The property was purchased for $280,000 with a loan amount of $196,000 and appraised at $461,000. The home was first built in 1956 occupying 0.42 acres of land. 24% of people living in Randolph, NJ rent their home, making this investment worthwhile since it is already occupied with a long-term lease. With 2-bedrooms and 1-bathroom, the borrower is collecting $3,200 per month in rental income. As a positive cash-flow property with a DSCR of 1.36, this is a passive income producing investment property for this borrower.
