An investor targeting the Delray Beach long-term rental market found a clean 3/2 near Atlantic Avenue - $485,000 purchase, tenant already in place at $3,950/month with 8 months remaining on lease.
LOAN AMOUNT
$388,000
Needed to close in 30 days and couldn't use conventional financing due to the number of investment properties already on their credit. Needed fast, no-income-verification funding.
Adler Capital closed $388,000 at 80% LTV in 17 days. DSCR of 1.21. No W-2s, no tax returns - the rent roll was the only income document needed.
The Outcome
Clean close, tenant stayed and renewed. Monthly cash flow after PITI: $820. Investor now has three Adler Capital DSCR loans in Palm Beach County.
Deal Highlights
LOAN AMOUNT
$388,000
PURCHASE PRICE
$485,000
MONTHLY RENT
$3,950
DSCR RATIO
1.21
LTV
80%
CLOSING TIME
17 Days
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