Chesapeake Bay, VA – Rental

The Opportunity

An investor was looking to refinance a portfolio of six single-family homes in the Chesapeake Bay towns of Norfolk, Portsmouth, and Chesapeake. He had owned many of these homes for more than 20 years, but had also purchased two of them just a year earlier.

He needed to find a lender that could lend on properties in multiple municipalities and also with various amounts of equity build up. His search for a flexible DSCR lender led him to Lima One.

The Solution

The investor closed six DSCR loans on the properties. This allowed maximum 75% leverage for cash-out refinancing on the properties he had held longest, while also getting 70% leverage or more on the properties purchased more recently. In all, the investor received nearly a million dollars of financing at a blended 72% loan to value leverage.

The process of working with Lima One was simple—so much so that the investor came back to Lima One for help with refinancing two more properties within two months. He has also referred another investor to Lima One and will receive a referral fee when her loan closes. From every angle, this investor is reaping the benefits of a strong partnership with Lima One.