I'm looking to secure some financing for a few real estate deals located in Ohio. I'm a Canadian and have no credit in the USA. Does anyone have any leads on lending in the USA and can direct me to a broker that can help? The purchase will be around 200k - 300k and I can put down 20-25% if required, although the preference will always be as little down as possible.
Most lenders I've traded notes with have a MAX of 65%-70% LTV for a foreign national. No credit score isn't a necessarily problem but your rate will be in the 8 to 9's as a result.
If all this is ok so far ... also be sure to note that you'll most likely have to use a US Based Entity and Liquidity must also be shown in a US Bank Account.
Forming an LLC with a US-based partner would go a long way between required Down Payment and the Rate ... best of luck.
Lender · Member since 2022 · 338 posts · 374 votes
4y
Jay, are you a permanent U.S. resident? I would also recommend finding a business partner who can be in your LLC who has a FICO score, most lenders will want to see that.
Most lenders I've traded notes with have a MAX of 65%-70% LTV for a foreign national. No credit score isn't a necessarily problem but your rate will be in the 8 to 9's as a result.
If all this is ok so far ... also be sure to note that you'll most likely have to use a US Based Entity and Liquidity must also be shown in a US Bank Account.
Forming an LLC with a US-based partner would go a long way between required Down Payment and the Rate ... best of luck.
Real Estate Broker · Dayton and Cincinnati, OH · Member since 2019 · 80 posts · 74 votes
3y
Hey J,
I actually have clients from Canada currently investing in Ohio. I have some lenders that should be able to help you with your situation. Feel free to DM me and we can talk in more detail.