New York Apartment Purchase by a UK Banker on L-1 Visa
$1,250,000 · 30 years · 6.90% fixed. A UK national working for a US investment bank on an L-1 visa needed to purchase a Manhattan apartment.
The Client
UK Expats - Primary Residence
The Challenge
A UK national working for a US investment bank on an L-1 visa needed to purchase a Manhattan apartment. His visa status and lack of US credit history meant standard US lenders declined. His income was paid in US dollars by his US employer, but his financial history was entirely British.
Our Solution
Doulton placed the mortgage with a US private bank experienced in lending to internationally mobile banking professionals. The L-1 visa was accepted, UK credit history was submitted as a substitute for US credit history, and the application was approved within four weeks.
The Outcome
Apartment purchased on the Upper West Side. Client established in New York with permanent rather than rented accommodation. US credit history now being established for future refinance. Key highlights: L-1 visa accepted by private bank; UK credit history used in place of US credit score; Approved within 4 weeks - US private bank relationship.