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Providence Rhode Island DSCR Rental Loan

Address: Providence, Rhode Island
Borrower Profile: First Time Borrower — Real Estate Investor
Purchase Price: $350,000
Appraised Value: $632,000
Loan Amount: $410,800
Loan Structure: Fully Amortizing 30-Year
Loan Purpose: Cash Out Refinance
DSCR: 1.20
Rhode Island Rental Property
RH Hard Money Lender
Situation:

This first-time borrower recently purchased a 3-family home in Providence Rhode Island using a DSCR rental loan through Asset Based Lending. This property was purchased for $350,000 and later was appraised for $632,000. The borrower refinanced it after completing renovations and is holding on to it to rent out. With tenants in place the borrower is collecting passive income from the $5,658 in monthly rent, and it is a positive cash-flow investment with a DSCR of 1.20. In Providence 60% of residents are renters and the rent costs consistently trend higher than the national average which makes this property a meaningful addition to this borrower’s investment portfolio. With the number of colleges and universities, and the expanding job market, this city offers great opportunities for real estate investors.

Providence Real Estate Investing
Providence Rental Investing
Providence Hard Money Lender
Rhode Island DSCR Loan