All Forum Posts by: John Turner
John Turner has started 15 posts and replied 127 times.
Post: Canadian Banks lending in the US???
- St Thomas, Ontario
- Posts 136
- Votes 33
Originally posted by @Mark Ainley:
@John TurnerI just PMed you. Again I have never used him or know anyone that has gone thru the process but he may be a good starting point.
Thank you. I really appreciate any lead.
Post: Canadian Banks lending in the US???
- St Thomas, Ontario
- Posts 136
- Votes 33
Originally posted by @Mark Ainley:
@Anita Fofie I was introduced to a lender in Canada that can lends on property here in US to Canadians. I will PM you. I have never used him but he says they get it done. If anything may be a good jumping off point.
Please send the information to me as well.
Post: Canadian Banks lending in the US???
- St Thomas, Ontario
- Posts 136
- Votes 33
Originally posted by @Anita Fofie:
Thanks very much, yes it looks like BMO Harris is actually based in Chicago and Bank of Montreal is the parent company.
I am not sure yet what the requirements are--but I am approved for a 3 year hard money loan at 12% to purchase a turn key property in the chicagoland area that I am looking at and I wanted to know if I would be able to refinance with a Canadian Bank in a year or so. If I can, then I may pull the trigger. It cash flows even with the HML @ 12% so if I refinance with a Canadian bank at a lower interest rate it'll CF even more.
Thanks for the information @Anita Fofie. We have been researching financing for our real estate investing in the states.
Did you contact the banks here or one of their US locations?
Post: Canadian Banks lending in the US???
- St Thomas, Ontario
- Posts 136
- Votes 33
Originally posted by @Account Closed:
Anita Fofie I have looked into this recently and know that BMO and TD Bank can do it. However they need 50% down for investment property and 30% for primary residence.
Do you have details for a secondary residence. Rates? What is needed to qualify?
Post: Advice on structuring a deal
- St Thomas, Ontario
- Posts 136
- Votes 33
That's a good question Steve. I am interested in expanding my real estate investments into North Carolina and am looking for private money to assist.
Post: Single propery marketing agreement for out-of-state property?
- St Thomas, Ontario
- Posts 136
- Votes 33
We've been working on buying a property in Robbinsville or nearby but we have some specific needs from the property.
If you would like to share the details, I am interested.
Post: Financing for foreigners buying in the USA
- St Thomas, Ontario
- Posts 136
- Votes 33
New to the forum and my experience has mirrored the same as the others.
I am a Canadian trying to buy a house in North Carolina and have met with closed doors regarding financing in the States.
Considering the low exchange rate, I wanted to buy with the lowest down payment possible and then pay off more when the dollar rebounds.
I have only found 30% down payment with minimum borrowing of $100,000 at a rate of 9.25%. All banks, credit unions and 2 mortgage brokers were unsuccessful until I found another mortgage broker who could secure this option for me. It is a private equity lender.
Needles to say, I am still looking for a better option. We have a significant down payment but don't want to use it until the dollar is higher.
We've been working at this for months and found the perfect property which can probably be purchased for $90,000 to $100,000.
I had no idea when we started the process the financing in another country was so hard to obtain.
So, we're still looking. Wish us luck!