Our clients, two foreign nationals from Argentina, were looking to become first-time investors in U.S. real estate. They went under contract to purchase three single-family homes in Fort Pierce, Florida.
As non-U.S.-citizens, they did not qualify for a traditional bank loan. As another challenge, the properties were just rehabbed with no tenants in place yet.
We were able to get them approved for a portfolio loan covering all three properties in one transaction. The lender underwrote the deal on a pro forma basis by projecting and presuming how well the properties would cash-flow once occupied by tenants.
Given COVID-19, our clients could not travel from Argentina to Florida to sign the loan documents, and the U.S. Embassy in Argentina had no appointments for notary services. However, we were able to conduct the closing using a remote video notary so that our clients did not need to travel at all.
Are you a non-U.S.-citizen looking to purchase or refinance U.S. real estate? We can help. Contact us today to discuss our loan programs for non-U.S citizens.