On behalf of a foreign national from Jamaica, we obtained a loan for him to purchase a condominium unit in Miami, Florida as an investment property.
One challenge we faced was the borrower’s declining income in the past two years. Due to his decline in income, we knew he would not be approved by a bank. Instead, we placed him with a more creative lender.
Under this lender’s foreign national program, the lender solely looked at the property’s rental income and cash flow (also known as “DSCR” – learn more here). No verification of the borrower’s personal income was required.
The terms of his loan included a 30-year fixed interest rate and 70% loan-to-value.
Due to COVID-19, the borrower could not easily travel from Jamaica to Florida. Therefore, we had to arrange for the closing to be conducted at the U.S. Embassy in Jamaica.
To learn more about foreign national loans, read our in-depth article here, or contact us today.