An International Student Gets a New House | An EB-5 Backed Cash Loan
|Client’s Country of Origin:||India|
|Current Visa Status:||Approved EB-5 I-526 Petition|
|Loan Purpose:||Purchase of Townhouse for Self Use|
|Interest Rate:||7.5% Interest Rate (5-Year Term)|
|Collateral to Lender:||Pledge of EB-5 Capital Upon Return + Personal Guarantee|
The Client’s Story:
As an F-1 international student, our client is living in the US but had insufficient credit history to be approved for a standard, qualified US mortgage. He had already filed an EB-5 application and has his I-526 approval.
As he approached graduation, he knew he wanted to move to Austin, Texas, and found a property worth $328,000 to live in, but found out quickly that to qualify for an owner- occupied mortgage, you need a minimum of 12 months of strong credit history.
International Investors Mortgage was able to facilitate an EB-5 investment backed loan to the client for 50% of his $500,000 EB5 investment value. The documentation was completed quickly and he had a check to help cover his home purchase in just 14 days. He purchased the house and moved in immediately, as he awaits his adjustment of status.