Have money, cash flow and collateral, but no lender!

7 Replies

Hello,

I am moving home from overseas I have 100k to put a down place on a house. There are homes available in my area in the 200-300 range, that  want to buy.  I also own four homes that net me about $1200 a month in cashflow, in that same area.  But, the catch is I am moving home with my own business.  I have very little monthly income at the moment, because I'm not at home. But, my wife and I have never missed a payment on any of our 5 properties in more then 15 years, our tenants are happy and every place has been vacancy free for nearly three years. My business has income coming in, and I even  have a contract from my manufacturer guaranteeing me a  50,000$ a year salary, as a base price. This is my minimum salary he has guaranteed me, but i can't seem to get a lender to work with me.  My credit score is nearly 800.  Any help would be greatly appreciated. I'm moving back to longmont, Colorado.

@Bryan Hylenski

Will this be a personal residence? If not, you may find local banks have loans that look not at the person but the performance of the property. I am not talking about hard money either. The more local a bank the better you can present your case. 

Sorry, I can't help if this is a personal residence. 

Some private lenders will give you a loan based on the healthy amount you have to put down.  There are ones that will do it on a purchase of a primary residence.

@Bryan can you help me understand exactly why you cannot get financing?

At this point, folks are saying...I don't have enough US income.  My income is paid to me in my South Korean bank account, where my manufacturer is based, then i wire it from there to my home account, each month. It's very simple and this samee deal allowed me to buy my 5th home last year, in the same position, except that I was living in South korea then and my job was there. They say because I'm living here and my job/manufacturer is South Korea. I'm opening US distribution of my products here, since South Korea is doing well on it's own now.  So, while I open us distribution i need a place to live and want to buy something.  But lenders keep saying it would be too hard to do. I ask about a co-signer, because i even have family with money who would co-sign for me, but they say because I have 5 homes, I won't qualify for a co-signer.  That's about all I can say. All I need is someone to check my credit, check my taxes and they will see my businesses make money, I'm honest and I hav great credit...not sure what the problem is. 

If anyone knows someone that could help, I would really appreciate the chance to talk to that person and work something out. My businesses are very transparent, everything is easy and out in the open.  Anyway, hope someoene can help.

Podcast 55 should give you some insights.  In this podcast is discussed how difficult it can be to underwrite for foreign investors; however if you have income being deposited monthly, as long as you can provide the financial documentation to trace the money that may help the situation.  It is also discussed about how to organize your documentation for presentation to investors.  

Other than that - your DTI ratio's could be impacting the situation as well.

I hope that helps.

@Bryan Hylenski without knowing the ins and outs of your situation and the horsepower of the lenders you are working with it's hard to tell what is possible. There are people that specialize in unique loan situations and know underwriting inside out so they can give a realistic take on your situation.

Good money guys also know other guys who have other money as well for the right situations.

I am pretty sure I have someone that can help in this situation. Send me a private note and I will respond with their contact information. 

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