Another Funded Portfolio in Avon, IN!

Experienced borrower was looking to cash out refinance a 10-property portfolio located in Avon, IN and hold it for long-term rental income. The subject properties are combinedly appraised for a total of $3,726,000.00 as-is and CDA reports confirmed the values are acceptable. All units are currently leased and combinedly generating monthly rent of $23,598/month with the appraiser’s estimate of market rent at $24,340/month. Sponsor on the loan has good credit and bank statements reflect sufficient liquidity to meet the reserve requirement for this project. Loan structured and priced in accordance with the LTR model. Total loan amount 53.54% LTV with 1.00 DSCR.