Canadian Banks lending in the US???

[Anita Fofie]

Hey all,

For those of you Canadians investing in buy/hold residential real estate in the US, do you know which of the major Canadian banks are lending on US properties if any? 

Specifically, those lending in the Midwest (Chicago).

Thanks,

Anita

[Mark McGrath]

@mark ainsley would you mind PMing me that info as well?

@anita fofie RBC will lend on up to 3 properties in the US. Conditions are that you must be an RBC client - and the definition of being an RBC client, is that you must maintain a $5k account balance with them for 6 months. Last week, I opened an a free savings account with them and deposited the requisite $5k, and have spoken with their US lending team to confirm that I'll be eligible in 6 months time. You can reach them here: http://www.rbcbank.com/borrowing-in-the-us/mortgag...

They do 60% LTV, with rates comparable to what we have here at home (3-5% I was told, depending on the borrower). They don't differentiate between single family/multi family, just 3 properties maximum. Mortgages are of course held in USD.

Hope that helps!