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Recently closed a purchase for a 51 unit apartment

March 27th, 2014 2:46 PM by Chuck Green

We recently closed a purchase for an apartment in the Stockton area, and this was complicated greatly by the fact that the buyer is a foreign national. The apartment has 51 units, and was in reasonable condition. We had to use private financing of course, as the banks will not go anywhere near a foreign national, because someone from a foreign country makes a poor guarantor, having most of their assets out of the US. The purchase price was $1,875,000, and we provided a $1,000,000 loan on the subject, plus another $650,000 in financing against six non-owner single family units in several other counties. This allowed the client to acquire the subject with minimal cash, roughly $300,000 or so. This was an exceptionally complex purchase transaction, involving several contacts among two countries, two title companies, our lender, and seven properties spread among four different counties. I am very happy to have it done.
Posted in:General
Posted by Chuck Green on March 27th, 2014 2:46 PM