Residential Investment Property Loan for Canadian Foreign National’s Portfolio of Rental Properties

On behalf of our client, a husband and wife foreign national couple from Canada, we obtained a $565,000 residential investment loan for their portfolio of rental properties in various cities throughout Florida (Ocala, Fort Pierce, Orlando, Tampa, Fort Myers, and Homestead).  Their portfolio consisted of 7 rental properties (5 condominiums and 2 townhomes) that they acquired and renovated starting in 2010. They had 2 goals.  First, they were seeking to refinance the mortgages on their 7 properties.  Second, they were looking to acquire 1 additional rental property in Florida (a single-family residence). We provided them with a single, portfolio loan that allowed them to achieve their dual goals of refinancing their current residential investment properties and also purchasing the new one.  Under this streamlined blanket approach, they only had to pay one set of closing costs.  The terms we obtained included 60% loan-to-value (LTV), 5% fixed interest rate, 10-year term, interest-only payments, and a non-recourse provision.