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
| Loan Type | Property Value | Loan Amount | LTV | GMG Program |
| Purchase | $600,000 | $480,000 | 80% | GMGUS Expat-1 |
| Loan Type | Purchase |
| Property Value | $600,000 |
| Loan Amount | $480,000 |
| LTV | 80% |
| GMG Program | GMGUS Expat-1 |
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