The United States Real Estate Forum works with six brokers who work with dozens of banks across the United States
Update: Due to the Corona virus crisis, the Fed has lowered interest rates to zero and can now receive the best interest rates!
Our investors have recently received interest rates of between 3.9X and 4.1X
1. Financing terms: Each bank has different financing terms. In most cases, the financing amount for refinance or flip transactions will not be less than $ 100K for the purchase of the asset, but of course each case, and each bank has different criteria. We will submit any request to the most relevant banks according to the details provided on the application form.
2. A large portion of loans can be given up to 30 years at a fixed interest rate. There is usually no "penalty payment" exit penalty for prepayment!
Most banks are willing to refinance a finished property only - meaning that in some cases you will need to take out a hard money loan for renovation, and after the renovation is complete you will be able to withdraw the money by refinancing loan. Interest rates change all the time but you can usually get interest rates of usually 3 to 3 percent for 7 years.
Prerequisites for a Foreign Investor Loan - Before receiving the loan the borrower should:
Hard mani loans
As is well known, interest rates for the Hard Mani loan range in the range of 10-12% annual + 2-3 points for setting up the loan frame.
In most cases, Lender is willing to fund between 80-90% of the purchase and 100% for the renovation, but no more than 70% of the ARV.
- Regarding Balloon Loans - Balloon loans are different from the Hard Money loan. A balloon loan (bridging), is a loan of up to 75% of the value of the property and it is not possible to receive renovation money. This loan has a peak interest rate of 6-8%. Hard Money is a 10-12% + 3 point loan.
- You can do a remedy on any property without waiting for a "seasoning". Israelis do not have credit but can still be given a loan of this type.
- In balloon loans, this "peak price" for a period of 30 years.
New construction loans and multimillions
Here are the terms and conditions of one of the banks we work with regarding new and multi-family construction loans - but of course we will submit your application to a large number of banks for optimal terms
The documents needed for the loan
- Personal Financing Statement
A form that includes the name of the company, existing assets, debts and liabilities, sources of income, information about the loan holders, shares and debentures, real estate you hold, unpaid taxes, life insurance, etc.
Social number - If you do not have one, just enter XXX
Sign your name
- Loan application form - Loan Application
Includes your details, property address, details of the renovation, details of the owner and signers of the loan, details of employment, a questionnaire about your background, etc.,
- Insurance Requirements Overview - Insurance Requirements This form includes a statement of insurance requirements
- Form details of the contractor This form includes details about your contractor, who owns it, his insurance, the number of projects he is currently doing, his history, recommendations about him and documents to be uploaded such as the contractor's insurance, resume, income tax documents, etc.
- Appraisal Payment Authorization In this document you authorize the bank to send an appraiser to make an estimate for the property
- Excel List their properties and details - If you are interested in refinancing several properties, you must fill in the details of the properties in this Excel - Click here to download the Excel
Phone Help & Support Forum
To receive online support and response, all questions in the Foreign Investor Financing Forum should be concentrated on the site.
It is important to gather all the questions in one place so that we can maintain efficiency - also the consultation in the forum on the site is free.
Loan application form to start the process
Fill in the details as much as possible.
We will get back to you as soon as possible to assess your loan prospects, and you will also be sent a manual refill form.
Guidelines for applicants and explain what is going to happen after filling out the form
1. The form will be sent to several brokers
2. The brokers do not work with each other - note the name of the broker at the top of the form and contact him with his name only and not the name of another broker
3. We connect you to all conversations with the broker and everything goes through the forum - these are our business partners and you can not work with them directly, talk to them directly, send them an email directly or talk to them by phone directly
4. In your messages with the broker do not share a phone number or email in the application - otherwise your application will be automatically rejected and your card will be closed - you also waste your time - the amount of transactions we transfer to brokers is large and therefore we get preferential treatment and excellent interest rates. With us by contacting you directly - it will not happen, so you have nothing to try.
5. All communication is in response to the emails you receive and only those emails
6. To set up a call, do not share a phone number or ask to be called - you set up the call using the meeting diary on this page or inThis link to the appointment log
7. If you can not meet the rules number 1 to 6, please do not fill out the form - we are fair to you be fair to us
8. If you pass the initial screening and appear to be eligible for a loan, you will receive forms to fill out. These forms must be saved in their original format - PDF. Please do not scan, take photos, etc.
After all that… Good luck!