Financing for investment property in TX- foreign investor

I have a client looking to buy some single family properties but cannot find financing because he doesnt have a social security number... Does anyone know a lender that can finance a foreign investor that is willing to put down 30% on investment property.

Edited: 06/26/2010 at 04:34AM

P NW

· OR

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Jan 21 '08, 12:44 PM

Puzzled here.

Apparently, you haven't actually asked any one. Foreign nationals can have all sorts of bank accounts in the USA using a federal tax number that they can get at any bank.

And no, there is no way for your overseas clients to get a social seciurity number without first becoming a legal resident.

Edited: 06/26/2010 at 04:34AM

Adam Blake

Residential Real Estate Broker · Fort Worth, TX

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Jan 23 '08, 06:58 AM

I have contacted a few lenders. two said he needs a resident alien card or work visa and the other arent currently financing foreign investors on non owner occupied loans.

Edited: 06/26/2010 at 04:35AM

Dick Green

Residential Real Estate Broker · Conroe, Texas

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Oct 13 '08, 08:17 AM

Hi Adam,

Did you get your investor taken care of? Let me know if I can be of some assistance in the future.

Edited: 06/26/2010 at 06:07AM

Ben Carmona

· Wentzville/St. Louis, Missouri

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Nov 21 '08, 04:37 AM

Adam,

Foreign national loans are available but they have high costs. Decent terms though.

Edited: 06/26/2010 at 06:27AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

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Nov 21 '08, 04:56 AM

Adam, where do they want to buy? Can they accept a 6 year call?

Edited: 06/26/2010 at 06:27AM

Chris Bridgeman

Real Estate Investor · Auckland, Select a State

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Mar 02 '09, 12:03 PM

Originally posted by Rich Weese

Adam, where do they want to buy? Can they accept a 6 year call?

Hi Rich
Is your contact still lending and in what areas.
I am part of a small overseas syndicate that is looking to buy in good first home buyer areas of the US.

Many thanks

Chris Bridgeman

Edited: 06/26/2010 at 07:26AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

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Mar 03 '09, 06:43 AM

Mine are located in So. Texas. They would be at market value or higher and same with rates. It can be done and delivered with renter in place. Rich.

Edited: 06/26/2010 at 07:27AM

Jarek L.

· Macclesfield, Cheshire

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Oct 04 '09, 06:15 AM

Hi Rich

Can you elaborate on your last post in here.
Can you explain the process in layman's terms , please?
I'm an overseas investor that would want to invest some of my own cash, buying houses in bad to very bad condition, renovating them to good to very good standard and then renting.
But would like my dollar to go a little further and be able to get some lender willing to refinance those refurbished properties in order to release equity to purchase some more properties.

Hope to hear from you soon

Thanks

Edited: 06/26/2010 at 09:56AM

Rich Weese

Real Estate Investor · sioux falls, South Dakota

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Oct 05 '09, 06:33 PM

I have properties in S. Texas , and have sold to foreign nationals in the past. It won't work in your program, however. I've bought or built a lot of homes, but they are already fixed up . Inormally deal with buyers that have HIGH downpayments(30%-50%) and the ability to pay off entire loan within 3-5 years.
For being able to find a good property, and no loan qualifying, the buyer normally pays full market value. They are ok with that due to the cheap dollar and anticipation of high inflation on real estate. Rich.

Edited: 06/26/2010 at 09:57AM

Jarek L.

· Macclesfield, Cheshire

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Oct 07 '09, 05:06 AM

Ok, Thanks Rich for explaining the process.
Yes, you are right I don't think it is something that I would be interested as I want to buy and refurbish myself, well manage the refurbishment process myself to be exact.
Thanks anyway

Edited: 06/26/2010 at 09:58AM

Rodolphe Brun

Real Estate Investor · Pittsburg, Pennsylvania

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Oct 13 '09, 05:11 AM

3 years ago, this wasn't a problem. Foreigners could buy anything as long as they put down 20% down.
Now with the credit crunch, it's even hard to get a loan when you have 30% and you are a citizen.
You can try this lender "World Savings Bank". I believed they merged with Wachovia. They used to do loan to foreign investors at a great rate and didn't ask for green card.

Edited: 06/26/2010 at 10:03AM