The Client

U.S. Expat international school teacher living and working in Shanghai for the past 15 years with no U.S. credit score.

The Property

A condo in Orlando, Florida within a 30 minute drive to several local attractions and amusement parks.

The Deal

To secure the property, the client needed to borrow $210,000. Client wanted a low rate, 30 year fixed, 20% down mortgage. The seller was about to cancel the transaction because the borrower’s original financing fell through.

The Challenge

Client came to GMG after failing to secure a mortgage with a local Florida broker. The seller was threating to cancel the transaction and keep the client’s deposit as the mortgage loan fell through in the final stages of the transaction. The client had filed all their U.S. tax returns but had been living in Asia for many years without having a U.S. credit accounts. No FICO score.

The Solution

Client would need to manage their expectations as they no longer had U.S. credit which is paramount in conventional U.S. mortgage lending. GMG loan specialist explained the options and a long term strategy of re-establishing their U.S. credit and refinancing into a conforming loan within 24 months. We spoke with the buyers and seller’s agents and explained the situation and GMG’s three step plan to obtaining the loan. An extension was granted, a mortgage loan only slightly above “prime” rate was secured. Seller, client and agents - Happy. Client is now on their way to re-establishing their U.S. credit and building their real estate portfolio.

Loan Details

The Client

CA recently divorce US Expat living in Shanghai looking to purchase a high yielding rental property in Chicago.

The Property

A 3 bedroom single family house within a sought after cul-de-sac neighbourhood outside of the city of Chicago. The property was a “pocket” listing through a realtor she had used in the past.

The Deal

A 3 bedroom single family house within a sought after cul-de-sac neighbourhood outside of the city of Chicago. The property was a “pocket” listing through a realtor she had used in the past. To secure the property, the client needed to borrow $480,000. Client wanted a low rate, 30 year fixed, 20% down mortgage.

The Challenge

Although the client earned excellent income, her US tax returns were combined with her ex-husband for the past couple years. Her income was foreign earned, no “normal” payslip, no US bank account (only China) and no W2. The property listing was a pocket listing (not published yet) and the client needed to act quickly.

The Solution

Once we had all the required documentation settled, backed out the husband’s income, officially translated all the income documentation to English, helped the client structure several letters of explanation we sent the application over to the lender. A formal mortgage offer was received within five working days and closed within 34 days. Client is now receiving an extra $800 a month in rental income.

Loan Details