The Client
Senior Singapore attorney and real estate investors looking to shift his real estate portfolio for multi-family U.S. property in California for retirement income.
Purchase of three multi-unit homes in Venice Beach (2) and Long Beach (1), California with net yields of 16%.
The Property
A luxury two bedroom Washington Square condo within walking distance to NYU.
The Deal
To secure the yield needed, the client needed a mortgage below 5%.
The Challenge
Although the client earned excellent income, and experienced real estate investor the lack of U.S. credit created a road block each time he approached a California bank or broker for financing.
The Solution
As GMGFN Lite allows the borrower to use a “local” credit report, this case his Singapore credit report the issue of not having U.S. credit was resolved. The rate required was merely an adjustment in LTV, giving the borrower a fixed rate on each property below 5%.
Loan Details
| Loan Type | Property Value | Loan Amount | LTV | GMG Program |
| Purchase | $4,350,000 | $2,697,000 | 62% | GMGFN Lite |
| Loan Type | Purchase |
| Property Value | $4,350,000 |
| Loan Amount | $2,697,000 |
| LTV | 62% |
| GMG Program | GMGFN Lite |
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