A Denver investor targeting the Highlands neighborhood found a fully rented 3/2 - $575,000 purchase, tenant at $3,200/month on a 12-month lease. Property was in excellent condition - no work required.
LOAN AMOUNT
$460,000
Investor had seven existing mortgages and couldn't add another conventional loan. Their income was entirely from the rental portfolio - impossible to document for a bank.
Adler Capital closed $460,000 at 80% LTV in 16 days. DSCR of 1.07. Underwritten 100% on property income.
The Outcome
Closed in 16 days. Tenant renewed. Monthly cash flow after debt service: $540. Property up 9% in value since purchase - equity building nicely.
Deal Highlights
LOAN AMOUNT
$460,000
PURCHASE PRICE
$575,000
MONTHLY RENT
$3,200
DSCR RATIO
1.07
LTV
80%
CLOSING TIME
16 Days
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