A quadplex near Miami Design District with below-market leases approaching renewal.
LOAN AMOUNT
$1,450,000
Bank underwriting penalized the borrower for low historical Schedule E income.
Utilized market rent appraisal (Form 1007) to qualify the deal at future market rent, securing a $1,450,000 loan.
The Outcome
Closed under Florida LLC. Borrower increased rents post-closing, raising DSCR to 1.42x.
Deal Highlights
LOAN AMOUNT
$1,450,000
PURCHASE PRICE
$1,935,000
MONTHLY RENT
$12,800
DSCR RATIO
1.25
LTV
75%
CLOSING TIME
22 Days
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