In only 6 business days, we closed a purchase loan for our client, a permanent resident alien from Argentina, to acquire a $625,000 condominium unit in the Tampa, Florida area. Our client, who had previously been turned down by another lender, needed minimal documentation requirements and a fast closing to meet the approaching contract deadline.
We secured from a private lender a Letter of Intent that was beneficial to our client in several ways:
- 69% loan-to-value (LTV)
- No documentation required for income and assets
- No sourcing or seasoning requirements for the funds used for the down payment and closing costs
- No need to provide a condominium questionnaire or otherwise demonstrate that the condominium is warrantable
- No prepayment penalty, which will allow our client to refinance out of this bridge loan with no penalty.
Just six business days later, the loan documents were signed. Our client is now the proud owner of an investment property.
Are you a non-U.S. citizen looking for a quick bridge loan to purchase or refinance property in the United States? We can help. Contact us today to discuss your scenario.