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Updated about 4 years ago,

User Stats

6
Posts
1
Votes
Mike Mclane
  • Investor
  • Mesa, AZ
1
Votes |
6
Posts

Canadian (corp) how to get funding for USA property?

Mike Mclane
  • Investor
  • Mesa, AZ
Posted

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,