Condo Purchase NYC- LLC partnership with foreign partner

[Robert J.]

Hello,

Im looking for some advice on how to obtain a lending for a condo purchase in NYC.

My business partner and I run a start-up C-corp based in midtown. We are looking to purchase a condo and rent it to our C-corp. We are ending our current office lease this year. The Condo would be used for my partner to stay in eliminating hotel costs.

Our plan was to form an LLC partnership. Im a US citizen, and my partner is based in the EU. Partner can provide upfront capital and I can guarantee the loan.

My issue is trying to determine a budget for starting the condo search.  My partner can come in with up to 500k upfront capital. Im trying to figure out the price range we should be looking at.

-How can we determine the loan amount we are capable of getting? I understand that most brokers will loan up to 70-80% LTV.

For ex:  say the condo is 2mm. 80% is 1.6mm.  Leaving 400k upfront + closing costs 6 months bankroll etc.  

But how can I be sure we can actually obtain 1.6mm loan? 

Thanks in advance for any guidance!