BiggerPockets

All figures approximate for privacy reasons on the forum: I am a foreigner, and believe I am close to securing a 100-door MFR for $2M in DFW, Texas, with a vendor carry-back of 20% for 4 years. The property has a forecast NOI of $180K at an absolute minimum.

I plan to purchase in the name of a US LCC and would like to obtain an 80% LTV mortgage based purely on the value of the asset and the strength of the property's income, ie without reference to my personal financial assets/income. (Because I'm a foreigner and have no SSN or FICO; not because I have no assets or income!)

Possible?

Flipper is right. In today's climate you could need as much as 40% or more horsepower into the deal. Have helped many developers bridge the gap with a Hedge Loan. If you have free trading stock, we may be able to lend up to 85% of the current trading value without liquidating the stock... no margin calls and NON recourse. We provide fast funding's in as little as 3 days with rates starting at 4.9%. Hope this helps.

Originally posted by Tracey Bryan

Thanks for your input, but I hope you're wrong! I have two commercial brokers looking at the deal now, who both believe they can get funding. :cool:

Good luck finding a lender that will do all that without a credit valuation. As mentioned before hard money or private money is the only way to do it without credit valuations.

My broker has prepared a letter for the vendor indicating conditional approval, allowing us to proceed from LOIs to a contract with 60 days' due diligence. This is based on the value and income of the asset, plus our $A income, but not $A assets. There's no FICO required, though they will look at our Australian credit report.

Tracey, I hope you didn't pay a due diligence fee. Commercial lenders are notorious for charging high due diligence fees, only to (virtually) abscond with the fee and you end up with no loan.