New Option For Foreign Persons Seeking To Borrow Money In The US

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

Documentation Required

• 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