I wanted to know if any foreign nationals have purchased US property through seller financing. If so, could you please share your experience(terms etc.)?
We are looking to break into the US market(multifamily and college rentals), and exploring all avenues of creative financing.
Thanks in advance for your response.
I don't know about seller financing but a friend of mine who is not a US citizen was able to get a loan through B2R. Their rates aren't the cheapest but he seemed happy with it.
Do you know what condition he got for the loan?
It was a cash out refinance ...property he had bought for cash and rehabbed. I believe his rate was around 7%? He tried a lot of places before that turned him down because he wasn't a US citizen and he didn't have a fico score. This was the only place that gave him a loan.
In west coast sorry buyers can take care of them. We have Indian State Bank, HSBC (HK & Shanghai Bank Corp), Russian banks, of course most Canadian banks have local presence and they lend money to those with an oversea account. Those who can't where is their cash?
I am not sure that for 7% for buy and hold strategy it worth it...