Investing from abroad - getting financing
Hello BP,
I'm currently living abroad (US citizen, but no plans to move back in the near future), and I'm looking to purchase my first investment property in the US (primarily looking in the RI area as I have family/friends there and some knowledge of the market). However, after speaking with a local lender, they've informed me that at the moment they can't lend to borrowers whose primary address is not in the US (apparently due to recent investor defaults since COVID).
Is this an industry-wide practice at the moment? Or specific to certain lenders? I'd like to understand this a bit better before spending time trying to contact more lenders and getting nowhere. Any insights, or referrals to lenders that still would consider overseas borrowers, would be much appreciated!