No US credit history - Financing options

[Nadgèle Zéphir]

Hi Everyone,

I am starting out on my REI journey. I am newly installed in the US (I am Canadian) and don't yet have 2 years of US credit history. I initially thought could get financing through my (newly formed) LLC and not necessarily using my personal credit, but I am finding out this is not the case (at least from the lenders I spoke to). I am looking to finance a STR and possibly a value add property doing a BRRRR.

For the STR - I got some info from The Mortgage Shop that they can do up to 70% LTV but I was hoping to put less money down.

I am also looking at doing some Joint Venture with partners who have US credit history, but I am not sure how to structure the deal through an LLC....

Are there other alternatives or specific lenders I can contact who could help with financing, based on my situation?

I would appreciate any insights or advice you can provide.

Thanks!!

[Nadgèle Zéphir]

Quote from @Andrew Garcia:

Hi @Nadgèle Zéphir, typically, borrowers with no US credit are foreign nationals with no income or permanent residency in the US.

However, since you now have permanent residency in the US, you cannot go that route.

There might be a lender that I can refer you to that can help.

Let's connect to see if they can help you out.

Hi @Andrew Garcia - I am actually not a permanent resident, but under a G1 visa and I am currently in the process of obtaining my work permit to transfer over with my employer that is a US organization (so I will soon as a W2 job in the US). For now, I am still employed through a the Canadian entity. So I might still qualify as a foreign national, no?

I appreciate your help.