How a Foreign National Investor Acquired a 19-Unit Apartment Building With No US Credit
Sources: Small-Balance Commercial Refinance — PeerSense, Asset-Based Lending Hub
How did PeerSense solve this scenario?
21-day close, beat 3 competing offers, 95% occupied. A successful international investor with significant assets in his home country and a growing US real estate portfolio held by his US-based LLC. PeerSense placed the deal into foreign national bridge with conservative leverage, asset-based underwriting, and fast execution. Composite case study based on the deals we close every month.
— PeerSense Composite Case Study · 2026-05-01
At a glance
| Loan size | $1.12M acquisition bridge |
| Property type | 19-unit garden-style apartment complex |
| Occupancy | 95% at acquisition |
| LTV | 55% (borrower contributed 45% equity) |
| Borrower citizenship | Foreign national (East African) |
| US credit / SSN | None |
| Term | 12-month bridge |
| Time to close | 21 days |
The borrower
A successful international investor with significant assets in his home country and a growing US real estate portfolio held by his US-based LLC. He'd identified a stabilized 19-unit garden-style apartment complex in a primary-secondary East Coast market, listed at a price that worked for him on the rent roll. The seller had three other competing offers and wanted to close in under 30 days. The borrower had cash, conviction, and a real estate attorney already on retainer — but no path to a conventional acquisition loan.
Why traditional financing said no
Conventional bank financing for foreign nationals typically requires either a US credit history with multiple tradelines or a US co-signer with full income documentation. Neither applied here. He had no US Social Security number, no US tax returns, and had only been actively investing in the country for two years. Every conventional source he approached either declined outright or quoted a 60-90 day timeline he couldn't accept against the seller's deadline.
How PeerSense solved it
We placed the deal into a foreign national acquisition bridge program that underwrites primarily based on:
- The property's net operating income (95% occupied, market rents documented)
- The borrower's foreign credit and asset documentation
- The borrower's equity contribution (45% of purchase price)
The deal structure:
- $1.12M acquisition bridge at 55% LTV of the appraised value
- 45% equity contribution from the borrower's offshore accounts (verified)
- 12-month term with extension options
- Interest-only, fixed rate
- Closed in 21 days, including international document authentication
Documentation provided by the borrower: - Passport - International credit reference letter from his primary foreign bank - 2 years of bank statements (translated and authenticated) - Asset verification showing reserves - Property's rent roll and operating statements
Documentation NOT required: - US Social Security number - US tax returns - US credit history - US-domiciled income
The outcome
- Closed in 21 days — beat 3 competing offers
- Borrower took possession of a 95% occupied, immediately cash-flowing asset
- Property continues to perform at acquisition pro forma
- Exit plan: Permanent agency or bank financing at month 12-18, once the property has US-domiciled operating history under the borrower's LLC
Frequently asked questions
Can a foreign national buy a US apartment building?+
Yes. Foreign national bridge programs allow international investors to acquire US multifamily, mixed-use, and commercial properties without US credit, US tax returns, or a US Social Security number.
What LTV can a foreign national get on a multifamily acquisition?+
Most foreign national programs cap LTV at 55-65% for acquisition. The borrower's equity contribution (typically 35-45%) is a key part of the underwriting story — it demonstrates skin in the game and reduces lender risk.
How fast can a foreign national close on a US property?+
With clean documentation and an experienced international real estate attorney, foreign national acquisitions can close in 21-35 days. The biggest variable is international document authentication (apostilles, embassy certifications), which can be expedited.
Do I need to set up a US LLC to buy property as a foreign national?+
Most foreign national investors hold US property through a US LLC for liability and tax planning reasons. The LLC is the borrower of record on the loan; the foreign national is the personal guarantor (when guaranty is required).
What happens at the end of the bridge term?+
Most borrowers exit into agency multifamily financing (Fannie Mae, Freddie Mac) or conventional bank financing once the property has 12-18 months of operating history under the borrower's US LLC.
Will I need to translate my financial documents?+
Yes. Documents from your home country typically need to be officially translated and authenticated (apostilled or embassy-certified) for use in US lending. We coordinate this process.
Are foreign national bridge rates higher than domestic?+
Yes — typically 100-200 basis points higher than equivalent domestic bridge rates, reflecting the additional underwriting complexity and risk. ---
Have a similar scenario?
Composite case studies based on the deals we close every month. PeerSense routes to the right program + lender.
Composite case study. Names, locations, identifying details, and dollar amounts modified to protect borrower privacy. Actual rates and terms vary by borrower, property, and market conditions. PeerSense is a capital advisory firm and does not directly originate loans.