Success Stories

Mexican Investor Transitions from Cash Buyer to Mortgage with Milo

By Colin McMahon

July 5, 2024 4 min read

Mexican Investor Transitions from Cash Buyer to Mortgage with Milo

In the vibrant Miami real estate market, timing and access to capital can make all the difference. This was the situation faced by a Mexican investor who owned a condo in Miami outright and wanted to purchase another. She needed funds but was hesitant about getting a mortgage, as she typically purchased properties with cash. Here’s how Milo stepped in to help her navigate this complex journey.

Our client discovered Milo through an online search for lenders specializing in foreign national loans. Mortgages are less common in Mexico, where many property purchases are made with cash. This made the U.S. mortgage landscape seem daunting. She owned a valuable asset in her Miami condo, worth $545,000, but she needed to convert that equity into liquidity to buy another property. The solution? A cash-out refinance (C/O refi), a loan that allows homeowners to access their property’s equity.

We proposed a 60% Loan-to-Value (LTV) cash-out refinance loan. This type of loan allows investors to borrow up to 60% of their property's appraised value. For her, this meant accessing $327,000 from her condo’s equity to invest in the new property.

She closed on the refinance while visiting Miami to view potential new properties. The timing was perfect; she had the liquidity needed to make a competitive offer on her next condo. Her offer is in, and we are now working towards closing on this second property.

This experience highlights a key advantage of getting a mortgage even if you own property outright. It’s an efficient way to access cash quickly, allowing investors to seize timely opportunities or fund renovations without selling their current assets.

For this investor, securing a loan through Milo wasn’t just about financing a purchase; it was about unlocking potential and making strategic investments in the Miami real estate market. It’s another example of how Milo empowers international investors to achieve their goals.

Choose Milo for your financing needs and experience personalized, expert guidance. For inquiries, create an account here.

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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