does anyone know if you have investment loans in Australia whether this stops you borrowing usa loans for properties in the USA
Liz2005
I have heard that US banks will assess you on your servicebility and see where your income is coming from, and what loans you have. So yes they will take into account Australian loans.
Also it is hard for foreigners to get loans in the US under their name directly as you are not a US citizen, but there is a way around it. You can set up a LLC (Limited Liabilty Company) and purchase properties under that. So if you are interested in buying property in a certain state’s county then you may have to open an LLC for that state. The reason why I know this is that I have been paying particular interest in purchasing properties in the States, and so have been reseerching the market and talking to a couple of agents over there.
If you are keen to swap notes or have a talk please call me on 0409 590 936 or shoot me an an e-mail at [email protected].
Cheers
Greg CoglanIt is very difficult to get finance in the US, for a foreign national, especially if you are looking at property in upstate New York, as are most of the Aussies who are investing over there.
There are a couple of options that are currently avauilable to those who wish to purchase around the Buffalo area. The loans that are available are not ideal, but there are people working hard to make further options available.
It is actually easier to purchase in your own name, than through an LLC, although you can then transfer the property relatively easily. You definately do not need to have an LLC in the State that you are buying.
Servicability is actually not that big an issue, as there are loans that do not require proof of income.
Regards
AlistairWe are just about to settle our first deal in US for a client using a US lender.
So far things have worked well with him and they have lent 100% of value with a 10% CD held in US$.
Interest rate is not bad either.
As long as settlment progress as it should we will open up and take on board other applications from interested investors looking for finance in US.
I own 5 properties in Calif myself and have done for some years so can talk with a bit of experience.
Happy to field emails from investors looking for property or assistance in US finance.
Cheers Richard
richard at castlewhite.com.au
Email me for details of our Qld wrap CD which gives you a full Installment Contract.Richard Taylor | Australia's leading private lender
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