A Boston investor acquired a classic South Boston triple-decker - three 2-bedroom units, all occupied, total gross rent of $8,700/month. Purchase: $1,150,000. The building was in solid shape structurally but kitchens and baths were original 1990s.
LOAN AMOUNT
$920,000
The investor's existing mortgage portfolio was at Fannie limit. They needed a DSCR lender who understood the New England 3-family market and could close before the seller's 30-day deadline.
Adler Capital funded $920,000 at 80% LTV in 22 days. DSCR of 1.12 on a multifamily basis - the Boston rental market comps fully supported the income. No personal tax returns required.
The Outcome
Closed on time. On first turnover, updated unit re-leased at $3,600 vs prior $2,900. Estimated stabilized gross rent: $10,800/month.
Deal Highlights
LOAN AMOUNT
$920,000
PURCHASE PRICE
$1,150,000
MONTHLY GROSS RENT
$8,700
DSCR RATIO
1.12
UNITS
3 (Triple-Decker)
CLOSING TIME
22 Days
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