The Client
A married Chinese couple with a five-year goal of having their children study in NYC purchase a luxury condo. They were non-U.S. citizens with no U.S. credit looking for 65% LTV.
How We Helped
The pair were looking for a safe, investment grade condo near NYU for their twin boys to study at the same university as their family in 5 years. There was a luxury two-bedroom Washington Square condo within walking distance to NYU that they wanted to buy.
The property was being sold as “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. America Mortgage suggested a quick close with a Bridge and then, within six months, refinance into a long-term, fixed mortgage at a significantly lower rate.
Loan Details
| Nationality | Property Value | Loan Amount | LTV | Rate |
| China. Citizen | $8,600,000 | $5,600,000 | 65% | 7.99% interest only |
| Term | Address | Property Type | Purpose | Loan Type |
| 24 months | New York City, New York | Condo | Purchase | Bridge Loan |
| Nationality | China. Citizen |
| Property Value | $8,600,000 |
| Loan Amount | $5,600,000 |
| LTV | 65% |
| Rate | 7.99% Interest Only |
| Term | 3/1 ARM |
| Address | New York City, New York |
| Property Type | Condo |
| Purpose | Purchase |
| Loan Type | Bridge Loan |
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