An investor targeting the Delray Beach long-term rental market found a clean 3/2 near Atlantic Avenue - $485,000 purchase, tenant already in place at $3,950/month with 8 months remaining on lease.
LOAN AMOUNT
$388,000
Needed to close in 30 days and couldn't use conventional financing due to the number of investment properties already on their credit. Needed fast, no-income-verification funding.
Adler Capital closed $388,000 at 80% LTV in 17 days. DSCR of 1.21. No W-2s, no tax returns - the rent roll was the only income document needed.
The Outcome
Clean close, tenant stayed and renewed. Monthly cash flow after PITI: $820. Investor now has three Adler Capital DSCR loans in Palm Beach County.
Deal Highlights
LOAN AMOUNT
$388,000
PURCHASE PRICE
$485,000
MONTHLY RENT
$3,950
DSCR RATIO
1.21
LTV
80%
CLOSING TIME
17 Days
More Deals
See how Adler Capital has structured financing across property types, markets, and deal sizes.
A Boston-area investor was purchasing a single-family in Brookline - $925,000 purchase, tenant already in place paying $5,800/month on a two-year lease. Zero renovation needed.
A Cambridge investor was under contract on a fully occupied 4-unit near Harvard Square - $2,100,000 purchase, $14,800/month gross rent, long-term academic and professional tenants.
A 4-bedroom Hyde Park colonial - kitchen from 1978, two non-functional bathrooms, knob-and-tube wiring throughout. Purchase: $475,000. Renovated comps in the same blocks were trading at $785K-$820K.
