A 2-family in Lowell's Belvidere neighborhood. Both units leased to long-term tenants at $2,100 and $1,950/month. Purchase price $385,000. Investor was a school principal with W-2 income but a tight DTI.
LOAN AMOUNT
$308,000
Conventional lender pre-qualified him but capped at 65% LTV due to DTI ratios. He needed 80% to keep his cash reserves intact. Closing window was 25 days, set by the seller.
Adler Capital ignored DTI entirely - DSCR loans qualify on property income only. Closed at 80% LTV ($308,000) in 18 days with the property's 1.21 DSCR carrying the full underwriting. Saved him $58K in down payment.
The Outcome
Closed with $58,000 more cash on hand than the bank scenario. Investor used the savings as the down payment on a third Lowell rental three months later. Both Lowell properties cash-flowing $1,400+/month after debt service.
Deal Highlights
LOAN AMOUNT
$308,000
PURCHASE PRICE
$385,000
MONTHLY RENT
$4,050
DSCR RATIO
1.21
LTV
80%
CLOSING TIME
18 Days
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