A Miami investor found a 6-unit walk-up in North Miami - newer roofs, partially updated units, $10,200/month gross rent. Purchase: $980,000. The cap rate was 6.1% and the area was rapidly gentrifying.
LOAN AMOUNT
$784,000
Timeline was critical - seller had another buyer lined up willing to close in 21 days. Investor needed to beat that timeline with minimal paperwork. Their income was held in an S-corp making bank underwriting impossible.
Adler Capital funded $784,000 at 80% LTV in 18 days. No tax returns. DSCR of 1.14 - multifamily income covered the note with room to spare.
The Outcome
Closed ahead of the competing buyer. Investor is now renovating two vacant units and expects rents to increase by $300-$400/unit on turnover.
Deal Highlights
LOAN AMOUNT
$784,000
PURCHASE PRICE
$980,000
MONTHLY GROSS RENT
$10,200
DSCR RATIO
1.14
LTV
80%
CLOSING TIME
18 Days
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