In only 4 days, we obtained a $1.6 million purchase loan for our client, a foreign national from Spain, to acquire a $2.4 million investment property in Miami, Florida. Our client, who had previously been turned down by another lender, 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 (our client had previously applied to his bank, but they offered him only 50% 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 (the subject property is a new condominium project)
On Friday that same week — just 4 days later — the loan documents were signed, and the seller handed over the keys to our client.
Teamwork and communication were key in closing this transaction as fast and smoothly as it did, especially given COVID-19.