British Marketing Director living in Hong Kong. Owns several small properties in the Atlanta area, and wanted to add to his holding in US real estate.
4 bedroom, 3 bath, 3200 sq. ft home with a pool in Orlando, Florida.
The client needed to release equity from two of his existing properties in Atlanta to get the down payment for the purchase of a new Florida property.
The main challenge we had was the client was already in contract and the loan was declined by an international bank two weeks into the process due to DTI (debt to income) issues.
As GMG is a super broker, we were able to immediately see the issue, discuss the options with the client on affordability. Once it was understood the client intended on using this property as an investment, GMG was able to structure the loan using only the rental income to service the debt. Existing two rental properties were refinanced in sync with the closing of the purchase.
|Loan Type||Property Value||Loan Amount||LTV||GMG Program|
|Refinance and Purchase||$675,000||$506,250||75%||GMGFN Lite|
|Loan Type||Refinance and Purchase|
|GMG Program||GMGFN Lite|
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