UK Buyer needing US mortgage - Posted by Dave

Real Estate Investing Real Estate Financing
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Posted by Rich-CA on August 04, 2008 at 01:09:22:

you use the same process you did when you bought them. You could even use the same bank that currently holds the mortgage.

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UK Buyer needing US mortgage - Posted by Dave

Posted by Dave on August 02, 2008 at 22:19:42:

Hi,

I am a UK citizen and need to remortgage two homes I own in Missouri, USA that are rentals.

I have good UK credit, a good full doc income, and am fine with a 65-75% LTV. I am not a US Citizen as I live in the UK full time.

Any suggestions?

Thanks, Dave

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Re: UK Buyer needing US mortgage - Posted by Ben Carmona

Posted by Ben Carmona on August 04, 2008 at 20:37:56:

Buying in the US as a foreign national is a bit more complicated that most people think.

  1. Most local banks where the properties are locate wont deal with borrowers out of the city. (much less out of the country)
  2. The wholesale lenders that once offered foreign national loans have either closed up or discontinued that program.
  3. Most hard money lenders who’d consider out of the country borrowers wont touch anything less than $500k.

What exactly do you mean by remortgae? You already have a loan? Have you tried speaking to that bank like Rich mentioned? How long have you owned them?

I was succussful in working with Austrlians for a little over a year before the credit crisis hit last August. Many foreign nationals have been contacting me over the last 8 months but until recently I didnt have answers to their financing needs.

In the past month though I’ve opened up dialogue with a few hard money lenders, private lenders, and even a wholesale lender who all tell me that they can assist with foreign nationals. This would include hard money rehabs and funds for long term holds.

I’ll email you.

Ben Carmona