Mortgage advice / brokers required for non US based investor

[Vincent Reay]

Hi, I am based in the UK and have experience in flipping and BRRR in the UK, I intend to set up an LLC and get US tax number etc. But I wanted to reach out and see if any brokers could give me some idea of the financing hurdles.

Regards

[Rabih El-Khoury]

Hi. Financing for non-US citizens/green card holders is a hit and miss. I've been at it for more than 20 months, have spoke to more than 50 people from banks to private lenders. What I can tell you is that it's possible. The easiest are hard money lenders because they don't really care about your status. Second, and the only real option I can say I have to-date, are commercial/private lenders and for re-financing rather than conventional. Meaning, they will give you a cash-out refinance once you've paid initially for the property and put a tenant in it. They are expensive (currently in the 7.1% interest range) and one really needs to vet any such lender for their ability to actually provide you the cash (many of them out their are actually resellers, not the actual fund owners). Conventional banks and conventional loans are the most elusive to crack. My advice is not to factor their availability in any strategy you're putting together. With a few properties under your belt they may look at you differently and be ready to talk (personally, that's what I'm working on).