📌 دراسة حالة: لماذا يجب أن تتوافق ميزانية إعادة التأهيل مع قيمة العقار في قروض الجسر - خاصة للمواطنين الأجانب
At Nadlan Capital Group, we regularly assist real estate investors — including foreign nationals — in securing the best financing options across the U.S. One recurring challenge we see is when the rehab (renovation) budget exceeds the property’s current value, which significantly reduces lender appetite and loan-to-value (LTV) flexibility.
🏚️ Case Study: Elad & Guy – 7-Unit Multifamily in Kokomo, Indiana
نظرة عامة على الملكية:
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العنوان 235 E Main St, Kokomo, IN
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الوحدات: 7 rental apartments (1 ready, 6 need full renovation)
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سعر الشراء: $207,000
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Rehab Budget: $410,000
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التكلفة الإجمالية للمشروع: $617,000
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Requested Loan: $596,300
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نوع المقترض: Foreign National (Israeli, on ESTA visa)
📉 What Went Wrong?
Elad and Guy, experienced investors with a strong real estate track record, requested a bridge loan for 90% of the purchase price and 100% of the rehab costs. However, over 4 lenders declined the deal due to one core issue: the rehab budget (410K) was nearly double the purchase price (207K).
❌ Lender Declination Summary:
| Lender ID | Declination Reason |
|---|---|
| 2499 | Rejected due to the extreme scope of rehab relative to purchase price |
| 2909 | Rehab budget > purchase price – outside comfort zone for multifamily |
| 3038 | Prefers rehab to be under 65% of purchase price |
| 2958 | Concern over cash contribution and legal status |
Even the one offer received was at 80% blended LTV, not the 90% Elad hoped for. And it included a 5٪ قص شعر due to foreign national status.
📊 Why This Happens – The Collateral Risk Factor
When a rehab budget is significantly higher than the “as-is” property value:
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The lender’s collateral is weak في حالة التقصير.
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Appraisals show limited “day one” value support for large loan amounts.
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Lenders are unwilling to risk funds that are not secured by the property’s current value.
هذا صحيح بشكل خاص ل المقترضين الأجانب, who:
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Typically face higher risk premiums
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May not have SSNs or credit history
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Are often subject to 5–10% LTV reductions by institutional lenders
✅ Nadlan Capital Group Strategy: Stage Your Rehab in Phases
To resolve the issue, our team advised Elad to:
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طلب smaller first draw loan — covering only 50% of the rehab ميزانية.
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Complete initial renovations on 3–4 units.
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Re-appraise the property once those units are stabilized (rented or finished).
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Use the increased collateral value to secure a second draw or إعادة تمويل.
هذه staged rehab strategy improves lender confidence, reduces risk, and makes large renovation projects financeable — even for foreign nationals.
🧠 Key Takeaways for Foreign National Investors
| نصيحه | تفسير |
|---|---|
| Don’t exceed 50–65% rehab-to-purchase ratio | Lenders prefer the rehab budget to stay within 50-65% of property cost |
| Stage large renovations | Break into phases and secure funding sequentially |
| Expect LTV reductions | As a foreign national, expect 5–10% lower LTV by default |
| Show funds in U.S. accounts | Lenders want to see liquidity المخضرمين in U.S. banks |
| Be flexible on structure | Accept blended LTC/LTV and work within lender risk models |
🔍 Real Estate Financing Done Right – With Nadlan Capital Group
At مجموعة نادلان كابيتال, we don’t just process loans — we strategize, advise, and auction deals across hundreds of lenders to deliver the أفضل العروض possible. For complex deals like Elad’s, we guide our clients through custom solutions that maximize financing and minimize delays.
➡️ Need help structuring a loan for your next real estate deal?
Let our expert team analyze your case and launch a private auction to compete offers across 400+ lenders.
📧 Contact us: contact@nadlancapitalgroup.com
🌐 www.NadlanCapitalGroup.com
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