Success Stories

Seasoned Canadian Investor Secures First U.S. Property with Milo

By Colin McMahon

June 27, 2024 4 min read

Seasoned Canadian Investor Secures First U.S. Property with Milo

Amid Canada’s persistent housing crisis, a seasoned real estate investor sought new opportunities in the U.S. Determined to expand his portfolio and eventually relocate, he set his sights on a single-family home in Boca Raton, FL, valued at $1,400,000. However, navigating the U.S. mortgage landscape was daunting, especially without a social security number (SSN) or prior experience with American mortgages. This is where Milo stepped in.

Our client, a successful investor from Canada, found Milo while researching U.S. lenders for international investors. Despite his substantial assets, he was unfamiliar with the U.S. mortgage process and was unsure how he'd qualify without well-documented income sources. As a self-employed individual with limited reported income in Canada, traditional U.S. lenders were not an option.

Understanding the complexities and nuances of our client’s situation, we at Milo knew a traditional mortgage wouldn’t suffice. Instead, we recommended a 50% LTV (Loan-to-Value) cash-flow loan. This type of loan evaluates the potential rental income of the property, rather than the borrower's income, making it ideal for investors like our client. This loan type, unlike conventional loans, focuses on the debt service coverage ratio (DSCR), which measures the property’s ability to cover its debt obligations from its income.

Our client’s desired property in Boca Raton was a prime candidate. The projected rental income was strong, aligning perfectly with the DSCR requirements. We swiftly initiated the loan application, conducted the necessary appraisals, and compiled all required documentation.

Despite the initial challenges, our dedicated team worked diligently to overcome each hurdle. We leveraged our expertise and streamlined processes to expedite the loan approval. Within weeks, our client secured the financing needed to purchase his first U.S. property, marking the beginning of his American real estate portfolio.

Choose Milo for your international mortgage needs. Because when it comes to financing, we understand your unique journey.

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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