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Updated almost 5 years ago on . Most recent reply
Where to get a commercial loan for <$1mio for non-resident owner?
We're trying to get a mortgage for our 2 multifamily buildings that are each around $750,000. We bought them with a private loan and they are held within an LLC. The tricky part is that I am a non-resident living outside of the US (so basically no ties to the US other than my 50% stake in these two properties). My partner on the other hand is a citizen.
Lenders seem to shy away from this scenario, because the <$1mio value of our properties doesn't seem to make it worth their time to deal with the non-resident issue... Any suggestions of which lenders might be willing to work with us, or anyone that has managed a similar situation?
Most Popular Reply
Thank you for the reply @Ryan Daigle ! We've contacted some local credit unions and just yesterday got one that sounds like they might be able to do something. Fingers crossed.
While small, local credit unions/ banks seem more flexible in a lot of aspects, they're also the ones that don't usually have much experience with foreigners (especially where we are investing, in Eastern Oregon). That's why I thought maybe someone here knows of some specialized lender or a bigger bank that has experience with this.
@Jared Rine sending PM now, thank you!