A 5-unit walk-up in Springfield's Forest Park section. Stabilized, all rents at market, NOI $42,000. Asking $385,000. Investor was 1031'ing out of a Tampa duplex and racing the 180-day exchange clock.
LOAN AMOUNT
$308,000
1031 timer was at day 138 when his original replacement target fell through. Found this Springfield 5-unit on day 142. Had to identify, finance, and close before day 180 - 38 days total, with permanent financing only.
Adler Capital closed a $308,000 multifamily DSCR loan at 80% LTV in 24 days. Coordinated directly with his 1031 intermediary on funds movement. Property qualified on NOI alone - DSCR of 1.55 with no personal income docs.
The Outcome
1031 closed on day 168 of 180 with 12 days to spare. Investor preserved $94,000 of capital gains deferral. Springfield rents have climbed 7% since purchase, equity growing nicely.
Deal Highlights
LOAN AMOUNT
$308,000
PURCHASE PRICE
$385,000
NOI (ANNUAL)
$42,000
DSCR RATIO
1.55
LTV
80%
CLOSING TIME
24 Days
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