Foreign National Mortgages - Cleveland

[Thomas Worbech]

Hello!

I am a real estate investor from Denmark who is looking to build a cash flowing portfolio of real estate in Cleveland. Last year I bought the first turnkey property through my Ohio based LLC.

I am looking for lenders who can provide foreign national mortgages to buy or refinance properties on favorable terms. I have no intention of a single business transaction but is looking for a long-term partnership which is beneficial for the both parties.

Referrals are also very appreciated.

Please reach out for more information!

Thank you!

Thomas

[Bob Prisco]

@Thomas Worbech sorry to say it does not exist. I have sold about 220 props to investors from Israel they too wanted to refi , not going to happen. You need to have an america LLC set up

Good Luck 

[Kerry Baird]

OP said he has a US based Ohio entity.  Corevest, wdbfunding, Caliber Home Loans, Citadel Servicing, Deephaven, and perhaps others have advertised that they lend to foreign nationals.  As I read it, and I could be wrong, a US entity is a US borrower. So then you go to lenders that lend to LLCs, which is a whole different list of lenders.

[Thomas Worbech]

Hi @Bob Prisco, thank you for your reply. In fact, I actually do own an american LLC formed in Ohio. Perhaps that changes the perspective slightly?

[Thomas Worbech]

@Kerry Baird, thank you for your input to this! I will certainly take a closer look on these lenders. Do you have any experience with either of them?

[Kerry Baird]

@Thomas Worbech, yes, I have talked with a rep from Caliber, and they were quite flexible with the number of loans I wanted. The website does not not make it easy to determine rates. I had to call and speak to a representative to get their terms, and rates.

Additionally, my mom has a mortgage with them, and receives offers to refinance regularly.

[Bob Prisco]

@Thomas Worbech yes, as long as the assets are in an american biz you should be good, I have many out of the country clients, 

[Guifre Mora]

Originally posted by @Kerry Baird:

OP said he has a US based Ohio entity.  Corevest, wdbfunding, Caliber Home Loans, Citadel Servicing, Deephaven, and perhaps others have advertised that they lend to foreign nationals.  As I read it, and I could be wrong, a US entity is a US borrower. So then you go to lenders that lend to LLCs, which is a whole different list of lenders.

A US entity is a US borrower but the principal of the entity is not a US national/Permanent resident then it's a foreign national transaction. 

I have clients who either have an LLC or not but are foreign nationals who qualify for a Non-Prime N/O/O Business Purpose lenders will lend to an LLC but if the principal is a foreign national the LTV will be reduced to 70 and bellow.

[Kerry Baird]

Thanks for the clarification. 

[Thomas Worbech]

@Kerry Baird thanks again. Did you find Caliber to have competitive rates too?

[Kerry Baird]

A little higher than another local lender, but not unreasonable.

[Hanah Frickers]

@Thomas Worbech

[Roy Gottesdiener]

Hi,

I'm based in Israel and closed loans with Allison capital, Lima One and with GMG, you can. You can look for them or message me for an intro.

Good luck!

[Muhammad Amawi]

Hey Thomas,

I'm able to provide foreign entity loans closed in a LLC. Let's connect sometime so I can better understand your unique situation.

[Rachael Mathes]

Hello! I am a local lender here in Ohio, I do have a foreign national loans option, DSCR, which can close in LLC. Let me know if you have any questions or PM me to talk more!

[Matthew Crivelli]