top of page

$1.6M Cash-Out Refinance – Florida Foreign National Condo Loan Success

  • Aug 27, 2025
  • 3 min read

At Most Home Loans, we specialize in closing deals that most banks and mortgage brokers simply won’t touch. This success story is a prime example of how persistence, creativity, and experience can overcome nearly every obstacle in today’s lending environment.


The Challenge: A Florida Condo That Looked “Unlendable”

In June 2025, we were approached by a borrower with dual citizenship in the United States and Argentina who needed to refinance their condo in Florida. On the surface, this request seemed impossible for most lenders.

Here’s why:

  • Foreign National Borrower with no U.S. tax returns or domestic W-2 income.

  • Condo was non-warrantable due to its hotel component.

  • The building lacked proper hurricane and windstorm insurance, which has become one of the biggest hurdles in Florida condo financing in 2025.

  • Property was used as a second home with Airbnb/short-term rental income, which most investors prohibit.

  • Borrower wanted to close in an LLC, adding another layer of complexity.

  • Assets were primarily tied up in the property itself, making liquidity a challenge.

For many banks and mortgage brokers, this file would have gone straight into the “decline” pile. But as a Florida mortgage lender experienced with non-QM and jumbo loans, we saw a path forward.


Our Solution: Persistence Meets Strategy

It took four months of back-and-forth negotiations, structuring, and problem-solving, but we refused to quit. Here’s how we turned the deal around:

  • CPA Letter for Foreign Income – Since the borrowers didn’t have U.S. tax returns, we worked with a CPA to convert their Argentina-based income into U.S.-equivalent documentation acceptable to underwriting. This is a common strategy in foreign national mortgage programs in Florida.

  • Private Hurricane & Wind Insurance – Florida condo insurance is one of the toughest parts of financing in 2025. We guided the borrower to secure private hurricane and wind coverage, filling the gap that made the condo unfinanceable to most investors.

  • Short-Term Rental Income Workaround – Most lenders won’t allow Airbnb or VRBO income on a second home. By leveraging a non-QM mortgage program and structuring the loan similar to a DSCR loan in Florida, we showed investor viability despite the short-term rental component.

  • LLC Ownership Approval – Many banks won’t close residential condos in an LLC. We sourced an investor comfortable with the structure and navigated the extra compliance requirements.

  • Multiple Investor Negotiations – It took multiple rejections before one investor agreed to finance this property. Persistence was key.


The Result: A $1.6M Jumbo Cash-Out Refinance Closed

On June 20, 2025, after four months of determination, we closed a $1.6M cash-out refinance for our client. The borrower unlocked significant equity, gained financial flexibility, and was able to hold onto a property that many lenders would have deemed unfinanceable.

This deal was a win not only for the client but also a testament to the value of working with a jumbo mortgage lender in Florida who knows how to solve complex problems.


Why This Matters in 2025

Florida condos have become some of the hardest properties to finance, especially when:

  • The condo is non-warrantable (hotel component, inadequate reserves, or poor insurance).

  • Insurance coverage is incomplete or too costly.

  • Borrowers are foreign nationals or self-employed without U.S. tax returns.

  • Properties are tied to short-term rental income like Airbnb or VRBO.

Most banks and retail lenders say “no” immediately. But with the right Miami mortgage broker or Florida mortgage lender, these deals can be structured and closed.

At Most Home Loans, we thrive on these challenges.


FAQs About Florida Foreign National & Condo Loans

Q: Can foreign nationals get a mortgage in Florida?Yes. While many banks decline these loans, we specialize in foreign national mortgage programs in Florida, including condos, second homes, and investment properties. By converting foreign income into U.S.-equivalent documentation, financing becomes possible.

Q: Can I finance a non-warrantable condo in Florida?Absolutely. While warrantable condos are easier, we regularly close loans on non-warrantable condos using non-QM mortgage programs that allow flexibility in underwriting.

Q: Can I use Airbnb or short-term rental income to qualify?Traditional banks usually say no. But by structuring the loan similar to a DSCR loan in Florida, we can often leverage that income to support financing.

Q: Do jumbo cash-out refinances exist for foreign nationals?Yes. As a jumbo mortgage lender in Florida, we regularly close cash-out refinances above $1M for both domestic and foreign borrowers, even in challenging scenarios.


Final Word

This $1.6M Florida condo refinance was one of the toughest deals of 2025, but persistence and creativity made it possible. If you’re facing a lending situation that seems “too hard” or “impossible,” it may just need the right approach.


✅ Looking for a lender who can navigate foreign national loans, non-warrantable condos, jumbo mortgages, or Airbnb/short-term rental financing?


Contact Michael Most – "The MOST Trusted Name in Home Loans."


 
 
bottom of page