A married Chinese couple with a five-year goal of having their children study in NYC purchase a luxury condo.
The pair were looking to for a safe, investment grade condo near NYU for their two twin boys to study at the same university as their family in 5 years.
A luxury two bedroom Washington Square condo within walking distance to NYU.
Non US citizen with no US credit. Looking for 65%LTV.
Property was being sold “fire-sale” and clients needed to act quickly as there were multiple back-up offers.
As time was of the essence, the clients did not have time to organize their financials GMG suggested a quick close with GMG Bridge and then within six months refinance into a long term, fixed mortgage at a significantly lower rate.
|Loan Type||Property Value||Loan Amount||LTV||GMG Program|
|Bridge Purchase||$5,600,000||$3,640,000||65%||GMGFN Bridge|
|Loan Type||Bridge Purchase|
|GMG Program||GMGFN Bridge|