An 8-unit walk-up in Worcester's Main South neighborhood. Fully leased, NOI of $79,000, asking $895,000. Investor wanted to add it to a portfolio of three Worcester multifamilies he already owned.
LOAN AMOUNT
$716,000
Bank had pre-approved at 70% LTV but wanted three years of tax returns plus a global cash-flow analysis on his other properties. Two-month underwriting timeline. Seller had a competing all-cash offer at 5% lower.
Adler Capital structured a $716,000 multifamily DSCR loan at 80% LTV - qualified entirely on the property's NOI of $79,000. No personal returns, no global analysis. Closed in 22 days using a desktop appraisal.
The Outcome
Closed at full asking, beat the cash buyer on speed not price. Investor now owns 28 units across Worcester. Adler Capital is now his go-to lender for the next acquisition.
Deal Highlights
LOAN AMOUNT
$716,000
PURCHASE PRICE
$895,000
NOI (ANNUAL)
$79,000
DSCR RATIO
1.41
LTV
80%
CLOSING TIME
22 Days
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