Financing for LLC (managed from abroad)

[Fco. Javier Y.]

Dear Biggerpockets

Please your help and guidance. Financing is needed for an LLC whose owner and administration are from abroad, the entire purchase process will be done without traveling to the United States. The guarantee is the property itself. The objective is cheap single-family houses for long-term rental, that do not require reforms or are minimal, not flips. Location under study.

Is it very difficult to get this type of financing?

What is the minimum loan amount?

Are there 30-year and fixed-rate loans?

LTV?

Thank you very much in advance!

[Caroline Gerardo]

Your question is very broad which I can break down a couple pieces.

1. to buy property in the US you need: identification, proof LLC is current, an American notary at an American embassy which the appointment to sign is often needed months in advance.

2. To get a loan in the US you need money in an American bank that sat there three months or shows in full for minimum 60 days on statements. Or you need conversion rates in english and you have to transfer to an American bank then wire from there remotely to a title company's American bank and show said proof.

3. Loans are available for foreign nationals. However it depends what country you are from (not OLFAC restricted). 

4. Can you show credit, hopefully American credit, Can you show income for the past two years? All these ins and outs are case by case. For example it is easier for a Canadian citizen to buy here as their credit reporting system is similar while someone from North Korea will have more barriers. 

Most NONQM lenders minimum loan is around $250000

Hard money generally do not like projects under $250000

You will need down payment and paperwork.