Sponsor profile
A Mexican national investor with no US credit file, holding a single family investment property in Texas. The house had been held in his own name; it was transferred to a US LLC at closing, with the investor as guarantor.
Deal structure
A vacant investment house in Spring, Texas, with an existing bank loan on it, and an owner living in Mexico who wanted to release the equity.
Passy Capital funded a $1.189M cash-out bridge that paid off the existing lien and returned the balance to the borrower. The property was moved into a US LLC at closing, so the loan went to the entity, underwritten on the asset rather than on a US credit file.
Exit
Long-term refinance or sale of the property.