This first-time borrower with Asset Based Lending chose to buy a single family home in Savannah Georgia to hold in their rental portfolio. The borrower paid $85,000 for a property that was recently appraised for $175,000 with an expected monthly rent of $1,350. This rental loan refinance provided the borrower with an immediate cash out of $78,750. With a DSCR of 1.66 and a tenant already in place, this property is cash-flow positive and will begin generating passive income for this rental property investor right away. Savannah GA is a great market for rental properties, boasting a population where 55% rents their home instead of owns. The city’s coastal location also makes it an easy trip into Florida or the Carolinas, providing flexibility for the tenants that call Savannah home.
