ConfidentialConfidentialRicardo Cidale with OpenAI Codex · Evidence date 2026-11-04
Read these assumptions and source references alongside the English presentation. Forecasts are model outputs, not realised results or guaranteed returns.
The caption is management’s proposed business-model analogy, not an affiliation with LendingTree or a claim that either business currently offers the same foreign-property product. Proposed global operating model: U.S. residents apply through Tamarindo using an SSN and qualifying U.S. credit. The intended process does not require tax returns or proof of income for credit underwriting; identity, source-of-funds, sanctions, repayment-risk and mandatory checks remain. TC works with selected institutional capital and underwriting partners; no partnerships, capital commitments or operating approvals are asserted here. Partner mandates, final credit authority, local ownership and servicing permissions vary by market. Purchase is optional and title transfer follows customer election, residual payment and local formalities.
This matrix compares routes to funds, not products with identical eligibility or pricing. Rocket’s reviewed home-equity loan is secured by U.S. property and requires full income and asset documentation; it is not a verified mortgage secured by the foreign residence. A new HELOC also requires qualification; existing customers may already have undrawn capacity. Schwab’s pledged-asset line requires eligible securities and has collateral-maintenance and demand-loan risk. MoXi is a genuine Mexico cross-border mortgage comparator; its published discussion includes income/assets qualification and tax returns. Local diaspora mortgages have country, citizenship or family-connection criteria and commonly request income documents. Mexico Mortgage Hub is a broker advertising a no-income-proof product with a socioeconomic assessment and staged funding; the underlying contract and completed execution were not verified. LendingTree is a marketplace, not the lender. U.S. DSCR and private bridge finance also exist without personal-income verification, mainly for domestic investment properties. Tamarindo should compete on the complete foreign-residence product, disclosure burden and execution; worldwide uniqueness is not established. LendingTree is an acquisition channel, not a separate lender or a guarantee of foreign-property funding. The comparison uses published product requirements, not matched quotes. MoXi is one provider under the Global Mortgage Mexico name; it should not be double-counted through distribution partners. HolaBank accepts U.S.-resident applications for Spain; BBVA’s route is for eligible Mexican nationals with documented income. Mexico Mortgage Hub’s advertised no-income-proof structure still has a socioeconomic assessment and staged-funding conditions; it prevents an exclusivity claim for Tamarindo. Any speed, all-in cost or customer-pricing advantage needs evidence for the same buyer, currency, LTV, term, fees and exit rights. Multi-country property-finance intermediaries and private banks are relevant competition. Market fragmentation is a research-based description of different products, eligibility, documentation, funding routes and country footprints; it is not a claim that no multi-country broker exists. The former funding-routes slide is consolidated here. The named examples do not all lend against a foreign residence: Rocket’s home-equity route is U.S.-collateral liquidity; LendingTree is a matching channel, not the lender. Specific provider and destination qualifications are retained in these notes. A private-credit route is not a promise of consumer eligibility, 15-year tenor or any advertised price.
Target customers include diaspora buyers, entrepreneurs and families buying residences for personal, family or permitted rental use. These segments are commercial hypotheses, not measured market shares. Confidentiality means limiting the income documents collected and protecting customer information; it does not remove mandatory identification, sanctions, source-of-funds or tax-reporting obligations. The proposed process does not request personal tax returns or proof of income. Repayment-capacity policy, permissible evidence, decision rules and exceptions still need definition. The pricing bands are management targets, not published lender quotations, guaranteed pricing or a lowest-rate claim. Compare equivalent currency, fees, LTV, term, use and customer eligibility. Confidentiality is a customer preference, not proof that someone is unable to document income. The proposition must not imply anonymity, exemption from identity/source-of-funds checks, the lowest rate or unique no-doc availability. The 400–600 bps commercial premium target remains unchanged in the model/previous baseline, while the later 200–300 bps recollection remains unresolved; this pass does not set a new premium or edit Excel. A premium must be measured against a matched, usable customer alternative.
This is an acquisition and operating hypothesis, not measured customer conversion, committed channel capacity, a market-share forecast or an approved launch plan. Keep privacy-motivated buyers distinct from those whose income records do not fit conventional underwriting. The business artifact recommends testing document-willing customers as well. Measure qualified leads, initial-cash availability, acceptance of actual terms, funded leases, acquisition cost, contribution per lease and continuing payment performance. The global annual financing illustration is not a measured denominator for the qualified segment in selected countries. The six-year outstanding principal balance is not annual originations and must not be divided by annual financing to manufacture a market-share percentage. No new capture, conversion or market-entry assumptions were written into Excel. Higher-value properties may generate more contribution per funded transaction, but size alone does not establish profitability. Compare acquisition and local execution cost, expected losses, capital requirements and concentration. Combining country segments does not eliminate local setup costs or justify adding unverified market sizes. This is the management acquisition thesis, not measured customer demand or guaranteed operating leverage.
Proposed global model: the demand side is U.S. consumers with an SSN and qualifying FICO profile; the financing side is selected capital partners recruited through corporate development. Partners may be banks or non-bank providers in the U.S. or elsewhere, subject to an executable country-specific route. They agree product terms, underwriting responsibilities, pricing, available capacity, duration and loss allocation. One month and three months were illustrative repricing intervals in the discussion, not adopted commitments. TC matches the application to an agreed programme and presents the customer offer through Tamarindo; this is not a public auction or a customer-facing list of competing bids. The actual financing counterparty, terms, mandatory disclosures and final credit authority remain explicit. TC coordinates intake, screening under agreed authority, execution and ongoing servicing. SSN and FICO are eligibility inputs, not automatic approval. Origination fees, servicing fees and margin or performance participation are negotiated by programme; model percentages are not universal partner terms. Several partners can reduce reliance on a single source but do not guarantee capacity or eliminate contractual and credit exposure. The current workbook has not been recalculated for this global architecture.
The diagram describes the proposed global purchase-lease journey; local use rights, permitted rental, exit and title formalities remain programme-specific. The following figures are the current model case, retained in calculation detail rather than presented as universal programme terms. The reviewed model uses 35% paid initially, 65% financed, 50% of the original price repaid during the lease and 15% due only if the customer elects to purchase. Maximum modelled term: 180 months. The purchase option is not an automatic title transfer. Local use, permitted rental, default and exit terms must be established in the applicable contracts. A smaller optional purchase payment accelerates principal amortisation at unchanged rate and term; it does not automatically offset the risk from a smaller initial contribution. The 65% financed share consists of 50% principal repaid during the term and the 15% optional purchase payment; the four displayed percentages are not four separate amounts to add together. These figures illustrate the current modelling case. They are not binding terms across countries or across future capital partners. A permitted owner holds title during the lease; product classification and the customer’s use, rental and exit rights must be established in each market.
An SSN identifies the applicant; a FICO score describes credit history. Neither establishes repayment capacity by itself. The intended no-income-document policy needs defined permissible evidence, decision thresholds and exception authority before launch. Property ownership and the initial contribution can reduce loss severity but do not guarantee principal. Concentration limits by country, city, property, channel and origination cohort are proposed controls, not implemented limits. The reviewed workbook contains collateral/default sensitivities. Those helper calculations have not been verified as complete stressed TC statements or the funding partner/seed investor IRRs. Any stress presentation must label net sale proceeds, principal exposure, timing and loss allocation separately and avoid counting the initial payment twice. U.S. and local product classification determine the applicable underwriting rules. Live-verified collateral-only stress: per $100 original property value and $65 initially financed, a 20% local price fall, 15% adverse FX move and 18-month sale delay produce net proceeds of $57.72 / $54.53 / $51.33 for grades A / B / C. Those figures already deduct grade sale discounts of 5% / 10% / 15%, selling costs of 6% and carrying costs of 2% per year. Principal losses against the initial $65 are 11.2% / 16.1% / 21.0%, before contractual loss allocation. These are conditional collateral cases, not portfolio expected losses, statistical confidence bands or investor IRRs. Prior principal repayments would change the actual balance at risk. TC indemnity is capped at 1.5% of cumulative funded originations, not an unlimited guarantee. Source: Input!C144:C145, C160:E175 and C501, verified 4 November 2026. Country programmes need a defined underwriting mandate and final credit authority. The initial model’s indemnity is not assumed to apply identically to every future partner.
This is the intended operating architecture, not a statement that every feature is deployed. The common platform should keep the customer record, permissions, decision history, payments, collections, service requests and audit trail. Country configuration should control eligible customers and property, local contracts, registry steps, tax and reporting, bank/FX routes, vendor permissions and exceptions. Local professionals still perform title diligence, valuation, closing, property service and liquidation. Measure time and cost per funded and serviced lease; a shared application does not make country entry immediate or costless. The product is Tamarindo-branded; white-label distribution is not in scope.
Illustrative calculation: 11.08M households / 400 annual purchases × model average residential value × funded share. This is an assumption-based sizing exercise, not measured annual U.S. purchases abroad. Exact arithmetic and sources remain in calculation details. This is a sizing scenario, not an independently measured total of U.S. foreign-residence purchases. Country eligibility, qualified demand and funded conversion must be tested before treating it as an addressable lending book. The household population and purchase frequency are inputs to the scenario, not customer commitments.
These are six detailed entry requirements, following the harness’s five-criterion opportunity screen. Buyer demand includes comparable U.S. diaspora data, qualifying credit, initial cash and residential ticket size. Competitive pricing compares the same buyer, currency, asset use, leverage, term, fees and residual across documented-income and genuine no-income-verification offers. Tamarindo need not offer the lowest rate; its value must justify the all-in price and its after-tax economics must remain positive. Tamarindo is intended to arrange, originate and service as a fintech, not a bank. The exact structure must permit those activities and property ownership, customer use, title and optional transfer. Required licences or authorised partners remain necessary where the law requires them; fintech does not mean unregulated, and capital partners may be banks. After-tax economics includes funding, operating costs, losses and currency exposure, together with income, service, withholding, distribution, property, acquisition, transfer and final sale or liquidation taxes. Do not assume preferential gain treatment. Asset protection requires a lawful and practical possession and disposal route, with evidenced time, cost and net proceeds. Funded launch and scale includes bank acceptance, custody and collections, committed capital, delegated credit authority, accountable local partners, implementation cost and time. Competitive pricing and a lawful nonbank model are mandatory entry gates. A supported failure is a no-go; an unknown prerequisite holds entry. Other mandatory cash-flow, exit and launch conditions cannot be offset by commercial strengths. Detailed findings remain below each primary requirement. A documented blocker survives unknowns; otherwise an unknown prerequisite keeps the group unknown, and fully assessed groups use the lowest supporting rating. There is no adopted aggregate cutoff. Completed gates permit a separate launch review, never automatic approval.
Eight illustrative country dossiers are compared against the same six detailed entry requirements. The wider harness uses five initial opportunity criteria and separate dated candidate, review and excluded lists. Quarter circles are conservative qualitative research judgments, not probabilities, percentages of completed work or launch approvals. Detailed source-backed findings, including U.S. diaspora and matched doc/no-doc pricing, remain nested under each requirement. A documented blocker takes precedence; otherwise any unknown prerequisite leaves the group unknown. Fully assessed groups use the lowest supporting rating rather than an average. Competitive pricing and the ability to operate the intended lawful nonbank fintech model are mandatory. An unknown mandatory decision holds entry; a documented failure is a no-go. The exact country/product decision needs its own dated evidence. No aggregate points threshold or favourable total authorises launch. Current country-specific operating costs, funding, taxes, hedging, partners and entry timing remain to be evidenced. Haiti’s present no-go reflects documented title, possession and execution obstacles and is not a permanent country label.
These are specific lessons, not identical businesses. LendingTree supports the partner-network distribution analogy; Tamarindo intends to present its own coordinated customer offer rather than a public lender-bid comparison. Rocket illustrates origination and continuing servicing, not an independent multi-lender marketplace or evidence that it finances residences abroad. Nubank is the strategic example raised in the management discussion: a better digital customer experience and operating cost structure can compete in a market with strong established providers. Nu’s own investment thesis describes these principles. Nubank is not used as a financing-marketplace analogue, a no-income-verification precedent, a regulatory exemption or a Tamarindo valuation forecast. TC must prove its own acquisition cost, credit performance, after-tax economics and repeatability. No operating scale or unicorn valuation is promised.
These asset categories are potential future extensions, not launched products. They are excluded from the current residential forecast. Each would require its own customer proposition, lawful contract and ownership structure, underwriting, appraisal, insurance, servicing and resale process. A common platform can reuse records and controls; it does not make collateral or enforcement risk interchangeable.
Detailed organisation charts remain in supporting material.
72 project months include three setup months and 69 operating months. Principal book excludes unamortised activation fees. EBITDA margin uses revenue excluding reimbursements. Colombia and future markets each receive 50% of the modelled terminal book; that split is a planning assumption. These are forecasts from the reviewed 4 November 2026 workbook. The terminal 50% Colombia / 50% future-markets allocation is a management planning assumption; it is not evidence that demand in future countries has been independently sized or diversification achieved. Joint changes in default, property values, currency and sale timing may affect multiple leases together. This unchanged forecast is not a newly recalculated projection for every proposed country or funding partner. Further model changes require explicit approval. The opportunity illustration and year-end principal balance use different units and are not a market-share calculation.
These are the seed SAFE plus lease-capital bridge returns in the unchanged reviewed workbook. The bridge is lease funding, not equity. The forecast depends materially on terminal value, tax, funding, origination and dilution assumptions; it has not been recalculated for an expanded multi-partner business design. No return is guaranteed. A revised programme would need approved modelling changes; Excel is untouched in this work.
The unchanged working case raises a $10M seed SAFE for operations and a $5M bridge for initial leases in one campaign, with separate rights. SAFE cap $20M includes the stated20% discount. Bridge preference8% simple; initial deployment follows setup. Later capital capacity and a proposed $20M SeriesA are modelling assumptions, not commitments. Market-specific funding vehicles and negotiated partner returns are discussed in the country case appendix. No funding is committed and no Excel assumption was changed.
This is the operating design. Contract labels and payment location do not determine tax or regulatory treatment. Bank permissions, asset use and local formalities require implementation; no legal approval is implied. Internal work defines the proposed roles and model. Official investment/FX and residential-leasing frameworks have been located. This does not establish approval of the combined U.S. lease, branch ownership, local use agreement and purchase option. The current tax reductions remain model assumptions. Executed contracts, banking authority, title/possession procedures and a documented lawful operating route are launch conditions. U.S. payment collection alone does not decide Colombian tax sourcing or branch attribution.
Nine project months comprise setup and pilot. Both the SAFE and bridge are raised in project month 1; bridge deployment starts in month 4. No financing is represented as committed. Success measures should distinguish enquiries, qualified applications, approved properties, funded leases, recurring cash contribution and serviced performance. The current model plans three setup months and six pilot operating months. Entry costs and dependency dates should be tied to actual quotations and completed steps.
Operating team Natalia Carvajal is distinct from any tax adviser with the same first name. Detailed organisation charts remain in supporting material.
The rate is the workbook card assumption, not an approved customer quote. The derived effective annual equivalent is 14.63%, assuming monthly compounding of the 13.735% nominal annual rate: (1 + nominal rate / 12)^12 minus 1. This is a derived comparison, not an APR inclusive of fees or a separate workbook anchor; the engine net-concession rate differs. Research must verify each competitor product and eligibility rather than generalise about all banks. Demand Sizing — Colombia C39, C36 and _Demand Model C57. Annual originations are a flow. Outstanding principal is a month-end balance after amortisation and other movements; the two must not be substituted. The initial annual origination case is not the nine-month pilot’s funded volume and is not outstanding principal. The proposed confidentiality and no-income-document offer must be compared with equivalent borrower, currency, fees, property use and closing conditions. A local borrower willing and able to document income may obtain a different rate and structure.
The model pays TC an activation fee of 2% of the amount financed, 20% of monthly lease interest and an annual servicing fee of 1% on outstanding principal. These are distinct bases. The retained spread is the remaining interest after FinanceCo’s coupon, recurring TC fees and agreed deductions; do not add the gross customer rate to these fees. Principal repayments are capital, not TC fee revenue. TC receives liquidation surplus after the agreed liquidation waterfall; gross property-sale proceeds are not surplus. TC also has contractual loss obligations subject to the modelled indemnity cap. Reimbursed property costs increase reported revenue and expense together; they are excluded from the net revenue and EBITDA-margin denominator shown in the forecast. The commercial economics do not establish their legal or tax treatment.
FinanceCo IRR includes its earned equity kicker and modelled Colombian tax, before U.S. income tax. The model uses assumed Colombian tax reductions, not verified enacted relief, and a 0% FinanceCo U.S. tax placeholder. Seed all-in combines the SAFE and lease-capital bridge; the bridge is not equity. Projections depend materially on terminal value and are not guaranteed. FinanceCo’s $3M earned equity incentive is not an additional cash commitment or a guaranteed cash payout. The coupon, projected IRR and seed multiple are not interchangeable measures. Compare any alternative capital investment on the same deployed-capital, fee, loss, timing, liquidity, tax and terminal-value basis.