I have just purchased a property in The Colony by the lake in Dallas which i will be renovating to make it a rental property. The acquisition and rehab will be done in all cash by me. After i rent it i wish to use this home as collateral and pull out my equity through a long term secured loan. I am a foreign investor and this is my first home so i do not have a history. Any lenders or companies who would work with me if i have a rented property but no financial history. Let me know
@Shahdan Calcuttawalla Yes, absolutely. You may not get "bank rates" but you can pull 60-70% of the appraised value out on a 30 year fixed. Your rates will depend on LTV you elect plus the strength of the property. Expect 6.5% - 9% for a fixed rate for the entire term. If you elect an adjustable rate deduct a point (roughly).
You'll need a USA based entity (llc or other).