Success Stories

Milo Secures Urgent Financing, Saves Canadian Investors' $100K

By Colin McMahon

May 3, 2024 5 min read

Milo Secures Urgent Financing, Saves Canadian Investors' $100K

In the dynamic world of real estate investment, timing can be the critical factor determining a deal's success or failure. As the Senior Loan Originator at Milo, I've had the privilege of helping many investors navigate this fast-paced market. One particularly memorable experience involved assisting two Canadian investors secure a multi-family property in Tampa.

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Several years ago, these investors first discovered Milo while looking for lenders experienced with foreign nationals. They were impressed by our flexible terms and quick closing capabilities, features that are especially crucial for international clients who often face challenges such as the requirement to establish an entity, which we do not require.

When they stumbled upon a promising property valued at $460,000, the challenge was formidable: they only had two weeks to close the deal or risk losing a significant deposit of $100,000. Recognizing the urgency of their situation, they reached out to me, recalling our past discussions and the swift service they had previously observed.

Given the tight deadline, every second counted. I spearheaded the financing process, working closely with our operations team, who, in this high-pressure scenario, performed with exceptional speed and diligence. Our approach to communication, which includes using WhatsApp for real-time updates, played a crucial role. This method contrasts sharply with the more traditional email-only contact methods used by larger banks, providing our clients with the reassurance that they are always in the loop and their concerns are immediately addressed.

To meet the unique challenges of this deal, we opted for a foreign national DSCR (Debt Service Coverage Ratio) loan. This loan type is ideal for investment properties as it focuses on the property's income potential rather than the personal income of the borrowers. We structured the loan at a 70% Loan-to-Value (LTV) ratio, which provided the necessary funding while maintaining a solid equity buffer.

The investors were particularly pleased with how quickly we were able to move—the kind of speed and efficiency that goes beyond what is commonly expected in the industry. This rapid response ensured not only that they met the closing deadline but also that they retained their deposit and secured the property, which added significant value to their investment portfolio.

Milo continues to stand ready to assist real estate investors, especially those facing complex challenges and tight timelines. If you are exploring investment opportunities and need a partner that understands urgency and complexity, reach out to us. Let us help you secure your next investment efficiently and with confidence.

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.


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