As a commercial mortgage lender, we were approached by a borrower looking to purchase a multi-family property in Flatbush, Brooklyn. After reviewing the borrower's financial information and the details of the property, we determined that the borrower qualified for a DSCR (Debt Service Coverage Ratio) loan.
A DSCR multi-family loan is a type of commercial mortgage that is based on the property's ability to generate enough rental income to cover the loan payments. In order to qualify for this type of loan, the borrower must have a strong credit history and sufficient income to make the loan payments.
After reviewing the borrower's financial information and the rental income potential of the property, we determined that the borrower was qualified for a DSCR multi-family loan and offered them a loan with favorable terms. The loan included a fixed interest rate and a repayment schedule that was agreed upon by both parties.
As part of the loan agreement, we required that the borrower maintain adequate insurance coverage for the property and keep it in good condition. We also retained the right to inspect the property on a regular basis to ensure that these terms were being met.
Overall, the financing of the multi-family property in Flatbush, Brooklyn via a DSCR multi-family loan was a successful transaction for both the borrower and the lender. The borrower was able to purchase the property and begin generating rental income, while we were able to extend a loan that met the borrower's needs and provided a solid return on investment.