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 seasoned South Florida investor spotted a dated 3/2 in Coconut Grove - great bones, terrible finishes. Asking: $310,000. Comps for fully renovated homes were hitting $620K-$650K.
A fully leased SFR in Fort Lauderdale's Victoria Park - long-term tenant paying $3,800/month. Purchase price $475,000. Numbers penciled perfectly for a DSCR loan.
A 12-unit walk-up in East Boston, half occupied at heavily under-market rents. Asking $2.8M with $400K of needed renovations to bring all units to market. Stabilized NOI projected at $245K (vs. current $138K).
