FL Cash Out Refi - foreign loan or conventional?

[Neil Da Silva]

Hey BP! My family owns a property in Florida that we want to cash out refi. We have 100% equity, no encumbrances. The property is in my Mother's name. We are Permanent Residences of USA, primarily reside in Toronto, Canada. My mortgage broker is saying that we can only get this done with a foreign buyers loan because my mother has no credit in the US as she lives primarily in Canada. He said the rate will be 8-8.5%. I don't want to refinance at such a high rate amortized for 30 years. I am an active investor in Florida with great credit however I wanted to stay out of this so that I do not effect my debt service and my ability to continue investing. Do you guys think I should co-sign on the refi for a better rate? or Use the high interest foreign buyers loan? With respect to the property, current rent is 1350 and the foreign buyers loan payment would be 700-800. We are going to reinvest the money pulled out minus paying some small expensives. thanks!