The Client
A married Chinese couple with a five-year goal of having their children study in NYC purchase a luxury condo.
The pair were looking to for a safe, investment grade condo near NYU for their two twin boys to study at the same university as their family in 5 years.
The Property
A luxury two bedroom Washington Square condo within walking distance to NYU.
The Deal
Non US citizen with no US credit. Looking for 65%LTV.
The Challenge
Property was being sold “fire-sale” and clients needed to act quickly as there were multiple back-up offers.
The Solution
As time was of the essence, the clients did not have time to organize their financials GMG suggested a quick close with GMG Bridge and then within six months refinance into a long term, fixed mortgage at a significantly lower rate.
Loan Details
| Loan Type | Property Value | Loan Amount | LTV | GMG Program |
| Bridge Purchase | $5,600,000 | $3,640,000 | 65% | GMGFN Bridge |
| Loan Type | Bridge Purchase |
| Property Value | $5,600,000 |
| Loan Amount | $3,640,000 |
| LTV | 65% |
| GMG Program | GMGFN Bridge |
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