Sponsor profile
A French national acquiring a Miami single family residence through a US LLC, with no US credit file and no US income documentation. Underwritten on the property and the entity rather than on a domestic borrowing history he was never in a position to build.
Deal structure
The purchase needed to close quickly, and a US retail bank was never going to move at that speed for a non-resident buyer, if it was going to lend at all.
Passy Capital funded the acquisition with a $2.94M bridge to the borrower's US LLC. Asset-based underwriting on the property and the structure, not on a US credit profile, which is what compressed the timeline.
Exit
The bridge was taken out by a US private bank, which refinanced the property into long-term domestic debt. That is the intended arc: short-term capital gets the deal closed, and once the asset is owned and the structure is in place, the borrower becomes bankable in the United States.