In only 1 week, we obtained a $1 million purchase loan for our client, a foreign national from Mexico, to acquire a $1.6 million investment property in the Miami neighborhood of Brickell. Our client, who had previously been turned down by two other lenders, needed minimal documentation requirements and a fast closing.
On a Monday, we secured from a private lender a Letter of Intent that was beneficial to our client in several ways:
- 65% loan-to-value (LTV), which is higher than what traditional lenders offer to foreign national borrowers
- 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
On the following Monday, just one week later, the loan documents were signed.
Teamwork and communication were key in closing this transaction as fast and smoothly as it did, especially given COVID-19.
