Investing as foreigners - mortgages

[Shervin Fakhravar]

Hi!

Me and my three close friends are stuck in the phase of finding a lender for us as foreigners (hi from Sweden!). Our common goal is to invest together as owners (leaning towards LLC) and do it through BRRR to be able to FIRE. We was curious regarding how other non-residents have worked out your financing when it comes to RE. Do you possibly know any other banks/institutions that may give good deals and conditions to us? The state we are in now: we are currently looking at markets to invest in and are obviously contacting various mortgage lenders to see where it leads. Unfortunately we haven't really gotten any results, however we have slimmed down our geographic location to Texas, Ohio, Idaho, Florida, Goergia, NC and Missouri. The biggest problem we find with mortgage lenders is that they usually don't propose good conditions with refinancing - usually they require us to hold the property for about 3 years.

So a question to all: 

1. is there anyone whom has a good referal for financing for us? 

2. How did other out-of-state investors get in good contact (and good deals!) from contractors?

3. Does anyone have experience with seller financing (but without a US credit score)?

Obviously we happily take tips regarding anything that may help us as first time investors.

Looking forward to hear from you!

[Alex Olivera]

Most likely you're going to want to find a mortgage broker because the majority of people that will do these types of loans (in my experience) are wholesale lenders that generally deal with mortgage brokers. Usually the big banks don't want to deal with anything outside the box so you're looking for something more niche. You can do hard money although if you qualify for a foreign-national DSCR that will probably be more favorable than a true hard money loan. Below are some of the guidelines from one of the wholesale lenders I work with on their foreign national program. There are others but generally a lot of these are consistent.