Our client came to us from an ad they saw on Facebook. He was reaching retirement age and wanted to buy a small business in Paris but needed additional funds.
How We Helped
Our client was 63 years old and concerned if he could qualify for a mortgage, the amortization period would be extremely short. When he spoke with one of our loan officers, this was his first concern. What makes the U.S. mortgage market unique is that every borrower is looked at the same. Regardless if you are 20 or 80, you still can qualify for a 30-year mortgage term, which makes servicing the monthly debt much more manageable.
We were able to get an equity release of 70% LTV even though the borrower was 63 years old, had no U.S. credit, and was nearing retirement. He was able to buy his business with the funds and enjoy his future retirement.
|Nationality||Property Value||Loan Amount||LTV||Rate|
|French Citizen||$580,000||$406,000||70%||5.49% interest servicing only|
|Term||Address||Property Type||Purpose||Loan Type|
|10-year interest-only, which converts to a 30 year fixed||St. Louis, Missouri||Single-Family Home||Cash-out Equity release remortgage||Residential|
|Rate||5.49% interest servicing only|
|Term||10-year interest-only, which converts to a 30 year fixed|
|Address||St. Louis, Missouri|
|Property Type||Single-Family Home|
|Purpose||Cash-out Equity release remortgage|