Remortgage for overseas investors

[Nick Lee]

I am currently in the process of buying to rehab a property to rent out. As an investor who will own the property outright will I be able to get a mortgage after the works have been carried out?

I live in England so wondering if anybody has any experience of this or can give advice?

Regards

Nick

[CK Hwang]

Hi Nick, I have looked into cashing out for foreign investors as I work mainly with foreign dollars to fund my fix and flip projects. So far this is what i have found

1. It is relatively difficult to get a home loan or cash out financing if you don't have a social security number or credit history in this country, even with property as collateral.

2. You would have to look towards niche lenders, generally retail banks in the USA like Chase, Wells Fargo, forget it unless you can find someone in their head offices to talk to.

3. When you do find someone, a niche lender, who will lend, interests rates are high. Very very high, much higher than if you could borrow money at home.

4. However, several years ago, last time I checked, in 2009, some banks likes HSBC, Standard Chartered has loans that allowed you to buy investment real estate in the US with very favorable interests rates, but the problem being of course that you had to play the currency exchange game. Not sure if they still have these products available.

Wish I could give you more help, but it's this problem of not being able to borrow in the US that I have a job. :D