Success Stories

Argentine Investor Secures U.S. Mortgage in less than 30 days

By Colin McMahon

June 13, 2024 5 min read

Argentine Investor Secures U.S. Mortgage in less than 30 days

In the fast-paced world of Miami real estate, securing financing can often be a complex and time-sensitive endeavor. This was precisely the situation faced by an Argentinean investor seeking to leverage a business opportunity. He needed cash quickly, within a strict 30-day timeframe, and encountered several challenges along the way. Here's how Milo made a difference.

Our client, a savvy investor from Argentina, discovered Milo through our targeted advertising. He was looking for a lender fluent in Spanish, who could not only communicate in his language but also understand his cultural background. Mortgages are not as common in Latin America as they are in the United States, so he required thorough guidance and reassurance throughout the process.

In Latin America, less than 20% of home purchases are financed through mortgages, with the majority opting for cash transactions (Mordor Intel) (NAHREP). This contrasts sharply with the U.S., where approximately 66% of homebuyers use mortgages to finance their purchases (RocketMortgage)(Clever Real Estate). Understanding this, we knew the importance of walking our client through the unfamiliar mortgage process with patience and clarity.

The property in question was a beautiful condo in Miami, valued at $540,000. The investor needed a cash-out refinance to seize another investment opportunity swiftly. The clock was ticking, and he needed a lender who could meet his tight deadline and navigate the nuances of the U.S. mortgage system—a system he was unfamiliar with. One of the significant obstacles was the language barrier, as the investor only spoke Spanish. Additionally, this was his first time securing a mortgage in the United States, and he was understandably anxious about the process. He needed clear, concise, and frequent communication to feel comfortable and informed.

Enter Milo. Our multilingual team quickly connected with the investor, addressing his concerns and explaining each step of the process in his native language. We utilized our expertise in DSCR (Debt Service Coverage Ratio) loans, which rely on the property's cash flow rather than the borrower's income. We proposed a 60% LTV (Loan-to-Value) DSCR loan, which perfectly suited his needs.

We promptly initiated the loan application, conducted the necessary appraisals, and compiled all required documentation. Our team's efficiency allowed us to close the DSCR loan in just 24 days, providing the investor with the cash he needed to seize his other investment opportunity on time.

For the Argentinean investor, this wasn't just a financial transaction; it was a strategic move that enabled him to capitalize on a business opportunity without missing a beat. For Milo, it was another opportunity to demonstrate why we're a trusted partner for international investors seeking to make their mark in the U.S. real estate market.

Choose Milo. Because when it comes to financing, we speak your language. Reach out to our team at loans@milo.io for inquiries.

The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

Author

Loan Consultant Sales Team Lead

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