This question is for those who are generous enough to share specific information.
Which financial institutions (not brokers) will loan to foreign nationals (us Aussie’s)????
This is my third attempt & would really appreciate your help.
Sincerely,
SolomonPS my favourite web site for looking at property in the States is propsmart.com
Hey Solomon,
are you asking which of the big US banks loan to forein nationals?
Or are you asking the names of the financial institutions (usually only acsessed by brokers) that loan to us foreign nationals.
I cant give you the name of the lenders the brokers get loans for us forein nationals because I think they keep that info to themselves as it is their business and i would assume the lenders have an agreement with the brokers.
I can tell you that the big banks in the states(as far as im aware) will lend to an aussie if either
1)you have a social security number and a good credit history(this is the best way but very hard to get)
or
2)You have built a credit history within the USA in form of a mortgage (eg through a broker or somewhere) or something of that nature to build confidence with the bank
(note
have been told that if you build a relationship with one of the banks and use a business banking LLc account for yr transactions over a year or so and get a uS credit card and keep it payed up to date the bank should be able to grant loans after that period ,but as most aussies are new to US investing we still need to prove this!)
PM me if u would like to talk to a business banker in the USA to do further research.Personally I think yr best to get an actuall mortgage from a broker and then build confidence with the bank that way,but i am currently doing the credit card thing etc aswell.
We’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
try HSBC, however you will need a history with them, better suited for those who have held active accounts with them for the past 12 months
when the going gets weird the weird turn pro
Neither HSBC or Citibank offer loans to Foreign Nationals
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Hi Solomon,
Also try World Savings, they will lend up to 70%LTV on single family dwellings in Texas and other US cities providing you have a bank account.
I have met several brokers during my visits to the US and unfortunately they do have agreements with who’m they deal with.
I find a good broker is all you need as they will shop around for the best deals.
From a foreign national point of view though, be aware that there are restrictions with all of them and the most they will go to from what i have found is 80% LTV.
Fees and charges vary and you would need to evaluate this on a case by case basis.
Providing Turnkey Real Estate Investments In The USA.
E-mail:[email protected]
web: http://www.gr8realestateinvestments.comChasd is correct most brokers have arrangements with such lenders.
There are 6 lenders I am aware of who openly lend to FN’s in Texas. The terms vary dependant on whether it is a single family dwelling or an investment property and whether the loan amount is >$50 K or not.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Solomon,
Actually I am told HSBC will lend to Foreign nationals by a HSBC business banker we have a relationship with in the US.But I havent proved this yet untill I build some confidence with them through my Companys and credit card and other mortgage.( should know in about 6 months)We’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Thanks to those of you who answered the question.
Sincerely,
SolomonActually brokers dont have any type of restrictions in naming the lenders we use for financing. You have banks such as Citi, Bank of America, Chase…etc that offer loan options to US clients and then possibly foreign nationals as addressed above. Then you also have wholesale lenders. These lenders do not deal directly with the public, only to brokers. The loans are sold off into the secondary market which are investors on Wall Street.
Those investors set the criteria needed in order for the lender to underwrite and approve loans. Foreign national loans would fall under portfolio (or Alt-A) loans. There are a several programs available which are channled through US lenders. My research shows that a handful will go to 75% and 1 has guidelines that allow 90% financing. Most of these products can be done without credit scores or income/asset documents.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Hi Ben,
I’m sure plenty of people on this forum would be interested to know more.
Are you 100% sure that 90% finance is avalible for Australians? Have you done loans at this rate already. I have also spoken to many brokers in the US and 90% has never been achievable.
What is the interest rate, what are the set up fees involved etc. Does it to apply to certain US states only?Do you have documentation we can read about in refernce to this offerring.
Regards
Chad
Providing Turnkey Real Estate Investments In The USA.
E-mail:[email protected]
web: http://www.gr8realestateinvestments.comMust admit i am with Chad.
I spent 9 years in the 80’s working for Chase in the UK admitedly not involved in finance but on their trading floor and they never did loans to Foreign Nationals.
Still have a friends left in NY and on my last enquiry with them No was still the answer.
Most of the other lenders appear to be State specific and certainly Florida is a favoured State for many lenders looking to attract the British FN application.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
I am looking at a U.S. property as we speak now.
I can only get 70% finance and that I was told is the most will get financed. It is a Canadian/U.S. finance company. Haven’t got all the details to hand, but can get if interested.
The property is only $80000 US so not really too much of an issue to get finance for it and come up with the cash difference.
Anyway that’s my experience.
These guys do 80% loans to foreign nationals,but not sure if they work direct with the public.
IndyMac Bank, F.S.B., a federally chartered savings bank
of 155 North Lake Avenue
Pasadena,CA 91101We’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Indy Mac are based in San Fran, CA.
They do not do correspondant lending so you need to go through a broker. Their turn round times are terrible make the likes of WAMU look quick and FN requirements are severe.
Also will not do more than 4 loans per person.
You can do a lot better.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
Yes, 90% is available for Austrailian investor’s here in the US. This same lender will also do a NoDoc loan (no employment/income/assets).
As of now the only state retrictions I know of for the lender is New Jersey and Pennsylvania.
I will send more information by email if provided as this could get a bit too long for the forum.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
PS…
IndyMac can do 10 loans if full doc or stated income. They will not allow for an investor to concentrate in 1 area.
No ratio loans are restricted to 1 per borrower.
Ben Carmona
Mortgage Planning Consultant
“Specializing In Investment Loans”
First National Mortgage Sources
314-914-6052 c
866-226-6309 f
[email protected]
http://www.BenCarmona.comLending Nationwide Throughout the US
Thanks for that info Ben!
Richard thanks,yes i agree with you on the time frame with indymac (it is
wrong!up to 4 months)
but until now i didnt know of any other that would lend to us foreign nationals,
for propertys purchased at$50K and under ,
then loan 80% on that figure .Thanks
lukeWe’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi all,
I purchased my first IP in Buffalo this year and had an extra two months wait for the closing. Now I can’t get hold of the attorney I used so have needed to ask another attorney to get me copy of deed!Does anyone have direct advice or contacts in order to get some type of lending on my $15,000 single house. I take it that we FN’s can’t get lending in an LLC name?
I also want a credit card in US. Anyway recommend a bank or other for this?thanks
[cap]Hi delt
I dont wish to be the bearer of bad tidings but you will find that Under Section 32 Legislation no standard lender will advance against a purchase price of $15K for a FN.
Private funding i guess is always an option depending on how deparately you need the funds.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
have been told that if you build a relationship with one of the banks and use a business banking LLc account for yr transactions over a year or so and get a uS credit card and keep it payed up to date the bank should be able to grant loans after that period ,but as most aussies are new to US investing we still need to prove this!)
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