- Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763
It has long been a struggle for foreign investors to borrow money in the US via mainstream channels.
This is because without a social security number and a US credit score it was impossible to satisfy the requirements of mainstream lenders.
Of course, purchasers could seek seller finance or hard money alternatives, but this can be expensive to set up and service.
With that in mind, I was interested to read overnight about a service being offered by the First Florida Integrity Bank (FFIB).
They are advertising:
Looking for the best foreign national lender in town? Our Foreign National Loan Program is out of this world!
• Adjustable Rate Mortgage Available
• Secondary Homes Only
• Conventional & Jumbo Loans Available
• 19 Approved Countries
• Single Family Home or Condominium
• Construction/Perm Available
• Reserve Requirements
• Escrow Requirements
• Income and Asset Verifications Apply
• Translated Documents in English
• Commercial Lending Available
• Copy of passport for all borrowers
• Address, phone number, email and length of time at current residence
• 3 credit reference letters from banks in the Country of Origin
• 2 most recent bank statements verifying a 60-day history of account for ALL asset accounts
• Letter from employer verifying 2013, 2014 & year to date income, along with a copy of a current paystub
• If borrower is self-employed, a letter from their CPA verifying 2013, 2014 & year to date income
• At closing a US Agent must be assigned
• At closing, borrower must open an account with our bank and the monthly payment must be set up on automatic debit from this account
• 6 months PITI to be held in escrow for a minimum of 2 years – may be released at discretion of the Bank
• All documentation must be translated in English
This is all I have on it, but the contact is:
Renee L. Harris, VP Residential Lending, Sales Officer
Email: [email protected]
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
Success comes from doing things differentlyRedwoodParticipant@redwoodJoin Date: 2013Post Count: 340
Steve – Thanks for the post.
No offence but in posting this – do you have an association with them? if yes, I think you should disclose this, its unusual for you to pop open a thread with a post like this? please take this constructively.
My firm has been sourcing finance for US property purchases for over two years without issue. A number of people on this forum have used this successfully across a number of lenders. Loans, LLC and property purchases without visiting the US….
Financing has been pretty easy, you don’t need to visit the states and we can set up an LLC and have a bank account in 2 weeks with an EIN. Finance can be pretty cheap for both individuals and SMSFs.
We do pre-approvals through one of the lenders on the spot (we use their system) based on geographical location and zip code – some areas are tougher than others as you can imagine.
I’m sorry but the attached post is ol’news in my opinion.
Cheers IvanNigel KibelParticipant@nigel-kibelJoin Date: 2005Post Count: 1,425
I agree with you about hard money especially for fix and flips infact because of demand the hard money rates have increased because of local demand however ivan is right when it comes to commercial property there are a number of banks will lend infact its easier to get commercial finance than residential.
CL1706Participant@cl1706Join Date: 2010Post Count: 11
- This reply was modified 6 years, 6 months ago by Nigel Kibel.
Thanks for the contact details – I am not sure whether many others have been in touch with Renee, but I am an Australian based investor looking for US finance to increase my portfolio of single family homes, so reached out to Renee over the weekend.
Her response was that the FFIB only lend to foreign nationals if the purchase is for a second home, not for investment purposes, and they will not lend to LLC’s.
Just thought I’d share this reply, just in case others were in similar positions to me and looking to FFIB for finance.
If there are other investors who know of finance alternatives available, please drop me a note.
Cheers.Judith OttosenParticipant@tallpoppyJoin Date: 2014Post Count: 36
What CL1706 said is about it. The second home must be for personal use only and not as an investment. I have a number of banks that will lend for investment purposes but the purchase needs to be in your personal name as your personal finances are used to qualify for the loan. Existing investment properties held in the USA can be used as a source of equity to strengthen your financial position. A year down the track you can transfer to your LLC with no questions asked. It would appear that this may be something Banks are looking at a little more favorably.
Judith Ottosen | Outback Realty LLC