All Forum Posts by: Darren Paul

Hi, Looking for some assistance. My wife (US citizen) and I (UK citizen) reside in Qatar (middle east).  We started the building process for a new home in tampa, fl. We were granted a mortgage by our lender on three separate occasions throughout the process (we had to keep renewing since the builder took 6 months longer than expected to build the house).

Because of Covid my salary decreased  and my short term vacation rentals took a hit and therefore our debt to income ratio spiked and thus, on the 4th and final application our mortgage was declined. It has left us in a predicament, builder threatening that we default. Because we are away it is essentially a foreign/second home investment and lenders are reluctant. We have reached out to family but that has not materialized.  We are looking at hard money loans but was wondering if anyone has any suggestions on this or alternative options.

thanks in advance

Thanks Daniel for the swift and detailed response.  It would be great to catch up.

Hi,

I hope everyone is safe and well. 

I am relatively new to the RE game. I am a UK citizen working in the middle east with my American wife (US citizen).  I currently have 2 vacation homes in Florida but looking to purchase some SF property in Orlando or Tampa area (we are set to move to Tampa next year). These are currently with conventional bank loans.  Foreign investor loans seem difficult with conventional banks so I was wondering if anyone could advice on possible alternatives e.g. Porfolio lender? Credit Union? Local Bank? Ive read other bits on the forum about pros and cons of some options but not much i could find regarding circumstances for foreign investors, and if anyone knows could our situation be improved with my wife on the loan/title. 

thanks in advance for any suggestions