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Canadian (corp) how to get funding for USA property?
Hi,
I have not found a deal yet but looking in the $250,000-$400,00 price range in Phoenix/Scottsdale area. Property will be used for STR. I am a Canadian Resident and this will be purchased through a LLC or some other form of business identity. Does anyone have any suggestions or tips for how to get my ducks in a row before making offers? 25-35% Down payment is no problem but I have run into issues with lenders that do not lend to non-US citizens, do not lend to LLCs or other business entities. Some lenders have informed me that they require 2 years income tax returns for the Corp or LLC proving income (if I open a brand new LLC there will be no proof of income)
What can I do to be lendable? Is my only option a Hard Money Lender? Any suggestions? Would love to hear from a Canadian that has done it before, or better yet a lender that knows requirements.
Any help would be appreciated!
Thanks,