Miami Condominium Portfolio Acquisition by a London Hedge Fund Manager
$1,850,000 · 30 years · 6.75% fixed. A London-based hedge fund manager was purchasing two Miami Beach condominiums as income-producing investments.
The Client
HNW Investors
The Challenge
A London-based hedge fund manager was purchasing two Miami Beach condominiums as income-producing investments. US mortgage applications require a Social Security Number or Individual Taxpayer Identification Number (ITIN), a US credit history, and domestic income verification - none of which the client possessed.
Our Solution
Doulton arranged a foreign national mortgage through a US lender with a dedicated international programme. An ITIN was obtained through a US tax adviser. The application was built around the client's UK income and asset profile, with no US credit history required. Both condominiums were financed under a single application.
The Outcome
Both condominiums purchased and immediately placed into a professional short-term rental management programme. Combined gross rental income in year one: $148,000. Key highlights: Foreign national mortgage - no US credit history required; ITIN obtained through US tax adviser; Both units financed under single application.