Advice? Canadian looking to REFI. Or secure financing.
Good Afternoon,
I was just wondering if any Canadians/ Australians had any luck in the past in Refinancing a property in America. I currently have a rental property that is Cash flowing nicely in Northern Florida that I bought with Cash through an LLC.
It has been successfully rented for 7 months, and I would like to start looking for an additional property. I have set up LLC structures, have a solid bank account in America for a few years, and have a TIN. I am currently working on building credit further in America.
Dilemma. I am able to buy an additional property using Cash, but would like to use leverage in order to further scale my portfolio. My to options are:
1: I could refinance the property that I have, and put that money towards an additional purchase. I don't know if banks would view this as guaranteed assets, vs a unknown property that has no track record.
or
2: Using the new property, apply for traditional financing:
I could also approach the bank with my proof of funds, as well as my assets (Which they may be able to lean against to protect their interests) and I may be able to set up a short term CD in order to "hold" some money over a short term as a secondary guarantee. Hopefully this would be enough to get Bank finance on a secondary property at an interest rate that would not eat all my cash flow.
The issues: Not being a US Citizen (I do not live in Canada either, so pulling credit from a Canadian based bank I do not believe is an option. I can show proof of employment and salary contracts, but don't know what else the bank would require in this circumstance)
At this point I feel seller financing would be the best approach, but don't want to limit my options. (Also don't want a Hard money loan either as the goal here is for long term buy and holds)
Anyone that has come across similar or that has any creative financing ideas, I would be grateful to hear them.
Thanks again Everyone!