UHNW Foreigner investor leverages jumbo bridge loan for swift refinancing
By Colin McMahon
August 30, 2023 • 3 min read
When timing is everything, our bridge loans deliver swift financing for foreign national investors. This was the case for our client, an ultra high net worth investor from Latin America, who was referred to Milo by their financial advisor. With an impending business investment carrying a tight closing deadline, they needed to quickly tap into their Miami condo equity.
At $19 million, the luxury waterfront condo posed a challenge for prompt financing. Jumbo loans traditionally take more time to acquire, especially for foreign nationals with complex income structures. On average, big banks require 45-60 days to close mortgages over $3 million.
But Milo's bridge loan program is designed for speed and flexibility. In just 10 days, we provided a $2.5 million cash-out refinance on the condo unit. The funds were ready in time for our client to capitalize on their time-sensitive investment opportunity.
Bridge loans deliver liquidity fast for real estate investors in a bind. We require just 3 months of interest reserves upfront and no prepayment penalties. Compared to traditional lender timelines, Milo's rapid 10-day bridge loan closings make a world of difference when timing is critical.
Financial advisor? Leverage our foreign national mortgage expertise for your clients. Contact Milo's Business Development team at email@example.com.
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.
Loan Consultant Sales Team Lead
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