Updated almost 4 years ago on . Most recent reply
No US credit history - Financing options
Hi Everyone,
I am starting out on my REI journey. I am newly installed in the US (I am Canadian) and don't yet have 2 years of US credit history. I initially thought could get financing through my (newly formed) LLC and not necessarily using my personal credit, but I am finding out this is not the case (at least from the lenders I spoke to). I am looking to finance a STR and possibly a value add property doing a BRRRR.
For the STR - I got some info from The Mortgage Shop that they can do up to 70% LTV but I was hoping to put less money down.
I am also looking at doing some Joint Venture with partners who have US credit history, but I am not sure how to structure the deal through an LLC....
Are there other alternatives or specific lenders I can contact who could help with financing, based on my situation?
I would appreciate any insights or advice you can provide.
Thanks!!