On behalf of a foreign national from Brazil, we obtained a loan for him to purchase a condominium unit in Aventura, Florida as an investment property.
The terms of his loan included a 30-year fixed interest rate and 65% loan-to-value. Under this lender’s foreign national program, the borrower’s income does not have to be verified. Instead, the lender solely looks at the property’s rental income and cash flow (also known as “DSCR” – learn more here).
As one challenge, due to COVID-19, the borrower was not allowed to travel from Brazil to Florida, and the U.S. Embassy in Brazil was closed. Therefore, we had to arrange for the closing to be conducted by an Apostille in Brazil.
To learn more about foreign national loans, read our in-depth article here, or contact us today.
