Loan for international buyer with already few properties

Loan for international buyer with already few properties

Member since 2020 · 5 posts · 1 vote

Hi there friends, this is my first ever post on this nice community I've been around reading for a while.

I'm from Argentina and I'am 30 years old.

I purchased my first 2 rental properties (condos) back in 2012 cash in Florida area, focusing on Cap Rate.

In 2014 I purchased 3 more, and In 2015 one more. All of them cash.

I'm pretty happy with the return, between the rentals and the appreaction I almost already doubled my investment.

But well, now with the LLC owning 6 properties, an income history of 5 years of rentals and the possibility of put them as collateral warranty if in the worst cases I cannot pay the loan. I want to know if with this maybe I can apply for a 25-30 yr loan, I am jelaous of the 2-3% rates for US citizens, I maybe will have to pay 6% but I've already found some nice properties that Cash on Cash with even 6% rates will have a 12% of return. while paying cash I will get only a 8-9% in cashflow. Also properties are raising 5-7% yearly so I am missing the leveraged income of revalorization in the loaned property. Anybody knowns if with this maybe I can apply for a loan ? I don't want to ask and the guy laugh on me hehe.

Thanks for reading in advice and have nice holidays!.

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  • Investor · Chicago · Member since 2018 · 113 posts · 51 votes
    5y

    If you already have properties that can be used as collateral I don't see why not. To my knowledge non-us citizens will be charged a higher rate, as you mentioned, but id risk it and just give a mortgage lender a call and ask.

    i don't think anyone would laugh at you for asking. The worst would be kind "no". If they did laugh, I don't think I would want to work with that kind of person anyways.

    that all being said, not all lenders are made equal. Some don't work with foreign nationals and some make an effort to focus on assisting foreigners. So find  a lender that meets your needs.

    Good luck!

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