A South Florida investor identified a fully occupied 4-unit in Hialeah - all 2/1 units, long-term tenants, $6,800/month gross rent. Purchase: $620,000. Cap rate coming in at 5.8% with upside on turnover.
LOAN AMOUNT
$496,000
Investor had a conventional loan on their primary and couldn't qualify for another at this price point. Needed an investor-focused lender who would underwrite the property's income - not their day job.
Adler Capital closed a $496,000 DSCR loan at 80% LTV in 24 days. Multifamily DSCR underwriting - 1.09 ratio - no W-2s or income verification required.
The Outcome
Deal closed. First two units to turn over were renovated and re-leased at $1,950 each - $350/month above prior rents. Investor is already under contract on a second 4-unit in Hialeah.
Deal Highlights
LOAN AMOUNT
$496,000
PURCHASE PRICE
$620,000
MONTHLY GROSS RENT
$6,800
DSCR RATIO
1.09
UNITS
4
CLOSING TIME
24 Days
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