we are looking in to buying a property in FL. After a ton of research and speaking with a great cross-boarder lawyer we have been advised to set up a LimIted partnership to purchase the property to give us the best liability protection as well as tax protections. Problem is the banks (who already pre-qualified us) don’t want to lend now. Has anyone done this before? Have any suggestions? I don’t get if we are personally guaranteed the mortgage and it is a lImited partnership why they won’t lend u see that umbrella. Is it just that the mortgage broker doesn’t understand the LP structure?
Any help would be great
Hey @Kendra Star I know a lender that works with Canadian investors investing in the U.S. It would need to be an investment property. Looking at 5% - 6% here. Slightly higher rates than you are likely looking at but that comes with an easier approval process.
Thanks for responding. That rate is much higher than what we are willing to pay. If we can't get a Canadian bank to lend to us we will figure out something but would prefer to have a mortgage for the write-off.