Obviously, this is not a financing specifically for the overseas property and the borrower could use the money to do anything they want.If you want to use leverage in Mexico, the alternatives to local bank financing are developer financing for pre-construction properties (which is rarely given if you don't have the necessary personal relationships) or seller financing.

Only 1 vacant (under construction).

I’m not saying partnerships aren’t good - but if you didn’t want to rely on someone else, I bet we could figure something out! 

This is a case study in the importance of due diligence and how experience with construction can help save you from making a bad deal. 

. :-)I would bet that rates will start to ease come spring of '24.

DSCR would be your best bet but again 25% down and a DSCR of 1.25% minimum.Do yourself a favor and do not let just any Lender/loan officer pull your credit just so they can take an application and have a possible deal.

Most people do not understand or know constructive verses destructive debt.

I agree that Utica is definitely set for growth with all the major construction projects and plans coming to fruition in the near future Utica will be an excellent place to invest.

I can easily construct a scenario where the PM did absolutely nothing wrong despite your current perception.

Your best bet is likely going to be trying to figure out some sort of seller-financing, or bring on a partner to the deal that can supply the additional cash.