Gimme some money!

14 Replies

I'm having a really hard time finding a lender.

I'm a non-resident alien.....no green card and no social security number.

I can prove an income of well over 6 digits through bank statements for the past 2 years.

I own 8 properties with a value of over $500,000.

I'm looking for either a renovation loan or a new purchase financing. For the later, I can make a $150,000 down-payment.

No one will give me a loan, except for hard money lenders. I refuse to go the hard money route and pay over 10% interest.

I've spoken to a dozen banks and mortgage brokers and keep getting a big fat NO.

Does anyone have any secret loan or financing scheme out there that they want to share with me?

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Hi Nat,

I have found one lender that is considering lending to overseas investors that I sell local properties to, so I know it's possible, but it is very rare, but keep contacting all the local banks out there.

Good luck!

Your financial picture seems impressive. I would try a dozen local/ regional banks and see if you can find one that will work with you. Outside of that, have you considered partnerships?

Mike

Originally posted by @Michael W.:

Your financial picture seems impressive. I would try a dozen local/ regional banks and see if you can find one that will work with you. Outside of that, have you considered partnerships?

Mike

 Thanks Mike, I'll heed your advice and keep door knocking banks. However I would have expected the mortgage brokers I contacted would know of any banks who lend to people in my situation.

I'm not sure how I would find a partner but sure I'd consider it.

Re: Mortgage Brokers… I'm increasingly of the feeling that they aren't "brokers" out "shopping" your loan anymore (I haven't been around long enough to know if that was ever actually the case). Everyone is pretty much writing to the same standards and selling the mortgage to whichever institution is buying at that time. Am I wrong? I might be. But I don't think so.

is your income only rental properties? i believe banks will only then count seventy five percent of it and not the whole income. have you lived in florida also for over two years? instead of hard money lenders you may want to also consider networking with private individuals.

Originally posted by @Dawn Anastasi:

is your income only rental properties? i believe banks will only then count seventy five percent of it and not the whole income. have you lived in florida also for over two years? instead of hard money lenders you may want to also consider networking with private individuals.

 Yes it's mostly real estate derived.

I've lived in Florida for one month.

How do I find these 'private individuals'?

Nat,

Try Chinese banks . They are catered to foreigners. No credit score and no docs are required. You can borrow money between 4%-5%. I have borrowed almost $1M from East West Bank at 4.25%. If you were in my area, I could hook you up. The loan process is quite painless. Keep looking. They are out there.  Money does grow on tree in CA. :-)

Good luck. 

Michael mentioned partnering. Perhaps you could find a partner whose only role is cosigning.   

Originally posted by @Jon Klaus:

Michael mentioned partnering. Perhaps you could find a partner whose only role is cosigning.   

 Jon,

Are you sleeping on the couch tonight? Is that why you're still awake at this time? It's 3:00am in TX now. 

Originally posted by @Minh L.:
Originally posted by @Jon Klaus:

Michael mentioned partnering. Perhaps you could find a partner whose only role is cosigning.   

 Jon,

Are you sleeping on the couch tonight? Is that why you're still awake at this time? It's 3:00am in TX now. 

 Cat, who was supposed to be outside, was inside, telling me she wanted to go outside. That, and some good Argentinian coffee late in the day. 

This post has been removed.

@Minh L. 

No credit no docs what do these banks base their loans on Just LTV?

I can see them loaning on Prime CA properties but have a hard time seeing them loaning on any of the SO called cash flow mid west or rust belt type of properties.

But maybe here in Oregon they would be a fit that's a good tip I think I will make an inquiry.

Hi Nat -- I think partnerships are the way to go. In the meantime, continue to talk with smaller and regional banks. Who knows what the lenders will be like in the next 1-5 years.

Good luck!

Andrew

Sounds to me like you're playing games with the tax system here. If you're serious about Investing in the USA, you should upgrade your visa to Investor status at least and get yourself a SSN. Banks and lenders are very wary of NRFNs (non resident foreign nationals) and with good reason. You need better paperwork ma'am.

Good luck with it!

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