• Family limited partnership, luxury waterfront home on Kauai

  • Koloa, HI
  • Residential

With the seller residing overseas and communicating through our US Embassy, a local and well respected physician negotiated the purchase of this waterfront Poipu Beach area home well below the asking price. The borrower was bankable in every respect except title was being taken in the name of a family limited partnership. Although this made perfect sense for estate planning purposes, it was making the conforming underwriters break out in hives. The mortgage broker (located on the mainland with offices in Arizona and California) was confident that with more time a conforming lender would be located. Unfortunately, the purchase and sale agreement was about to expire and a full price back-up offer was waiting in the wings. When the borrower’s agent requested a time extension, the seller suddenly forgot how to speak English. Within 48 hours of submission, a SFG principal was on a plane and met the appraiser at the site. Before the return flight landed at Seatac, documents were drafted by SFG’s legal counsel in Hawaii. Loan funded and the buyer received the discount on this beautiful home.