U.K. marketing VP buys investment condo in Philadelphia to boost passive income.

America mortgages

The Client

Our client had read about the tight housing supply in major college towns. He did some research and found Philadelphia as the best value.

How We Helped

Our client wanted to purchase a duplex very close to a university where he could rent to students. He had no U.S. credit, and to add to the complexity, he was self-employed and didn’t show his true ability to service the debt. We were able to get him 75% financing using his U.K. credit, and the debt servicing was structured solely around the projected rental income of the property he was buying.

Loan Details

NationalityProperty ValueLoan AmountLTVRate
U.K Citizen$260,000$195,00070%6.125% Interest servicing only payments
TermAddressProperty TypePurposeLoan Type
5/1 ARMPhiladelphia, PennsylvaniaDuplex ResidencePurchaseResidential