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.
LOAN AMOUNT
$1,575,000
Cambridge values were difficult for conventional appraisers to pin down. Bank financing stalled at 45 days with no clear timeline. The seller had a backup offer and gave the investor a hard 30-day deadline.
Adler Capital closed $1,575,000 at 75% LTV in 26 days. DSCR of 1.08 - tight but supportable. Appraiser Adler Capital used had Harvard Square comp experience.
The Outcome
Deal saved - bank would have missed the deadline by 3+ weeks. Current rents are $350-$500/unit below market. On first lease renewals, investor projects gross rent climbing to $17,200.
Deal Highlights
LOAN AMOUNT
$1,575,000
PURCHASE PRICE
$2,100,000
MONTHLY GROSS RENT
$14,800
DSCR RATIO
1.08
LTV
75%
CLOSING TIME
26 Days
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