All Forum Posts by: Rafael Pinho

@Rafael Pinho I would like the project to be pretty quick, especially since it will all be cash and the house would be small. My optimistic estimate is about 4 months. Maximum amount of time I'd say about 8 months.

Yes, there are some DSCR Lenders that will lend to foreign nationals, often with LTV restrictions and some liquid asset/credit requirements.

PS - check out this article on BP - 8 More Commonly Asked Questions and Answers to DSCR Loans where this exact question is covered!

https://www.biggerpockets.com/blog/eight-questions-and-answe...

1. I’m Not a U.S. Citizen. Can I Qualify for a DSCR Loan?

This is a question that is going to vary from DSCR lender to DSCR lender, but it is highly likely that you will find one that can lend to you. One of the challenges with qualifying as a foreign national is the lack of a credit score, which, as we covered in an earlier article, makes up one of the three key metrics (along with LTV and DSCR ratios) for determining qualification, rates, and terms.

In addition, DSCR lenders typically require “reserves” or a few months of PITIA (principal + interest + taxes + insurance + association dues) payments in liquid assets (typically cash accounts), and many foreign nationals don’t have these assets stateside and in U.S. dollars. Some DSCR lenders, though, will allow foreign nationals but will also typically come along with restrictions on LTV (limited to a maximum of generally 65% rather than a typical maximum of 80% under most DSCR programs) and a requirement for a U.S.-based bank accounts for reserves.

Finally, it’s important to note that this applies to true “foreign nationals” that are non-U.S. citizens and living abroad. Both resident aliens and non-resident aliens (i.e., “green card” holders) are typically fully eligible for DSCR loans with no LTV restrictions. Furthermore, one of the main advantages of DSCR loans is that borrowers are allowed to be entities, such as LLCs, partnerships, or corporations. Typically, if you are a foreign national that owns a portion of an LLC or entity alongside U.S. citizens, and your partner owns at least 50% of the entity and signs a full recourse guarantee, you should be able to qualify for a DSCR loan with no restrictions.

I'm an architect and designer interested in starting a new architecture studio that also builds, develops, and operates its own design projects.

I plan to start in Columbus, Ohio, where I have access to resources like contractors and a network of local architects. Columbus has remarkable potential to develop a proof of concept. 

The goal is to build ground-up residential or hospitality projects. Though, I feel like I will need to start small and am trying to find the best resources to develop a strategy and to get started. Would love any input! 

Thanks! 

Yup, I have had that occur several times. I made an offer for equity once but it was with a flipper and he turned it down. It was early in our professional relationship. We’ve done two projects together thus far. 
The problem I see is most often they’re on the newbie/novice side and aren’t likely to release any control. I can’t have my equity (delayed payment) be fully affected by their control. The success of the project lays in their hands so they need to be well organized and experienced. 

@Rafael Pinho

As a developer with over 55 years of experience, I worked with exactly one architect that was fully versed on the development process.

That architect was able to provide me with extraordinary service that saved me time and money

Know it or not, architects are more than 1/2 way there in terms of gaining the literacy and skills needed to execute a ground up project.

Any architect that is interested in becoming a developer and or providing their developer clients with superior services is highly encouraged to pursue their intent.