A Broward County investor acquired an 8-unit apartment building in Deerfield Beach - $1,450,000 purchase, rents averaging $1,300/month but market was at $1,650+. Classic value-add play.
LOAN AMOUNT
$1,087,500
Needed 75% LTV on a multifamily without lengthy bank underwriting. Their bank wanted 6 months of statements, full rent rolls, T-12, and their personal tax returns - a 90-day process for a deal that had a 30-day deadline.
Adler Capital funded $1,087,500 at 75% LTV in 21 days. Simplified doc underwriting - rent roll, leases, and a soft credit pull. Done.
The Outcome
On turnover, units are being upgraded and re-leased at $1,650. When fully repositioned, estimated monthly gross rent: $13,200. Bridge-to-DSCR refi planned once stabilized.
Deal Highlights
LOAN AMOUNT
$1,087,500
PURCHASE PRICE
$1,450,000
UNITS
8
LTV
75%
MONTHLY GROSS RENT
$10,400
CLOSING TIME
21 Days
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