On behalf of our client, we obtained a $570,000 investment loan for him to purchase a quadruplex (4-unit) residential building in Miami Beach, Florida. The terms of the mortgage included 75% loan-to-value at a 5.75% fixed interest rate for 30 years. (He qualified for 80% loan-to-value, but he chose the lower loan-to-value to get a lower interest rate.)
We qualified him for the loan on a lite-doc program, which meant he did not need to provide tax returns. Despite the intervening holidays, we were able to close the loan quickly in only 35 days and ahead of schedule. The client plans to use the investment property for rental income.
