Investing from Abroad: Which Lenders Allow RON?
Has anyone found a lender that allows Remote Online Notarization (RON) for closings?
I've been investing in real estate since 2020, and for most of that time I've been traveling the world as a digital nomad. My wife and I moved to Spain last year, where I'm pursuing citizenship, but I continue investing in U.S. real estate remotely through my LLC.
Last November, I purchased a property in Cleveland using a hard money loan. I'm now refinancing into a 30-year DSCR loan.
One challenge I've run into is closing documents. On my purchase, the lender wouldn't allow me to use Remote Online Notarization (RON). Instead, I had to go to the U.S. Consulate in Spain to have my documents notarized.
The experience was frustrating. Appointments were difficult to get, the consulate charges 50 Euros per notarized signature, and the process added roughly $1,000 (one wasted trip to Madrid) and two weeks (2 separate consulate appointments due to incomplete instructions) to my closing.
Ironically, during my second visit, the consulate staff were surprised I had to come back. They told me many people use RON and encouraged me to find lenders that allow it in the future.
Since then, I've asked several mortgage brokers and lenders I've worked with over the years, but I still haven't found one who can perform.
Has anyone here successfully closed with a lender that allows RON? I'm open to recommendations for lenders or mortgage brokers who have experience working with investors living overseas.
I'd also be curious if you've run into any limitations based on loan type, title company, or state.
I'd appreciate any firsthand recommendations or lessons learned.