Our client was under contract to purchase a new construction condominium in Hollywood, Florida for $2.63 million.
The deal had two major challenges.
First, the condominium was one of ten units in a newly constructed project. At the time, only one other unit had sold. This was a major roadblock, as most lenders require that a certain percentage of the units be sold already, usually at least 50%. Because we were dealing with a non-warrantable condo with such a low percentage of the units being sold, we had to obtain an exception from the lender. After submitting a full file along with two appraisals, we were able to get the lender to grant the exception.
Second, the borrower himself showed income in a non-traditional way. As a non-U.S. citizen from Argentina, he derived his income from overseas (in fact, from 3 continents), and was not showing income via U.S. tax returns or paystubs. However, we were able to qualify him based on letters of employment from his employers, attesting to his current and past two years of employment.
We overcame those hurdles and obtained for our client an 80% loan-to-value purchase loan with a loan amount of $2.02 million and a 30-year fixed interest rate of 4.5%. These are quite impressive terms given the challenges listed above.
Are you a non-U.S.-citizen looking to purchase or refinance a condominium? We can help. Contact us today to discuss our loan programs for non-U.S citizens.