A New York investor acquiring an 8-unit brownstone in Crown Heights - $3,800,000 purchase, 95% occupied, $34,000/month gross rent. Seller needed to close in 30 days or the deal was dead.
LOAN AMOUNT
$2,850,000
Bank had already passed - too fast a timeline. Needed $2,850,000 (75% LTV) funded in 30 days with minimal paperwork.
Adler Capital delivered. Approval in 5 days, clear to close in 22 days, funded on day 29. No tax returns - underwritten on property cash flow.
The Outcome
Closed on time, saved the deal. Minor cosmetic upgrades on turnover drove rents up 12%. Property now appraised at $4,400,000.
Deal Highlights
LOAN AMOUNT
$2,850,000
PURCHASE PRICE
$3,800,000
LTV
75%
MONTHLY GROSS RENT
$34,000
OCCUPANCY
95%
CLOSING TIME
29 Days
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