Deal funded
Three Properties. Expired Green Card. Exiting 14% Debt in 23 Days.
The deal wasn't hard to see. Building the structure to close it, that took more.
property types
1-4 Family
LOAN AMOUNT
$1,496,000
LTV
80% LTV
time to close
23 Days
The borrower had just closed on three Massachusetts investment properties — a four-family, a three-family, and a single-family — using a private mortgage at 14% interest-only with a 12-month term. The per diem cost of staying in it was real and growing.
The goal: refinance into a 30-year fixed, fully amortizing product as quickly as possible. Most lenders would have set expectations around a 60-90 day process. Every week in the existing loan represented thousands in avoidable interest.
Matt Neptun at Brick City Capital identified the full complexity at intake. The question wasn't whether the deal could be done, it was whether the structure could be engineered to do it without cash to close, and without waiting.
Most lenders would have grouped the three properties into a single portfolio loan, capping leverage at 75% LTV and requiring ~$35,000 cash to close. Structuring as three individual rate-and-term loans let each property qualify at 80% LTV independently, making the deal cash-neutral.
The second issue: the borrower was a green card holder whose green card had expired, during a government shutdown. At permanent resident pricing with 80% LTV, the deal worked. At non-permanent or foreign national pricing, the borrower needed several hundred thousand dollars in additional reserves he didn't have. The extension had to be confirmed before underwriting could continue.
Before issuing terms, the structural decision was made at intake — three individual loans, not a portfolio. That single call determined the LTV ceiling and eliminated the cash-to-close problem. Everything else was execution speed.
INTAKE
Identified bank statement underwrite before any processing began. DSCR was never considered. DTI path confirmed from the first conversation.
ACTION
Appraisals ordered simultaneously, not sequentially. Documentation front-loaded before review began. Preferred title and insurance vendors engaged on day one to compress the back-end timeline.
ACTION
USCIS extension confirmed during an active government shutdown. Permanent resident status maintained. Borrower qualified at US citizen pricing, 80% LTV across all three loans. PITI reserves formally waived.
closed
Borrower exits 14% per-diem interest 45 days after original purchase. $1,496,000 funded. $0 brought to the closing table. 30-year fixed, fully amortizing.
The green card extension was the single most consequential confirmation in this deal.
Rate-and-term refinances carry no seasoning requirement. The difference between staying in a 14% bridge loan for 90–180 days versus refinancing within 45 days is real money, roughly $17,500/month on this loan amount alone.
The green card issue is the instructive part. During an active government shutdown, with an expired card, most lenders would have priced the borrower as non-permanent resident or foreign national. Confirming the extension before underwriting began was the difference between 80% LTV and a dead deal.
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