Wishing everyone a great weekend. Question for a friend: He has three properties in the US and is looking to get a job.
Wish everyone good luck.
Question for friend:
He has three properties in the US and is looking to get a mortgage through a bank on good terms. He is an Israeli citizen and resident who has been investing in the US for several years.
The assets he has are
A $ 120 home in Jacksonville Florida
A home in Indianapolis, Indiana for about $ 150
A $ 70 Euclid Ohio home
The three properties have been running with renters for over a year.
His goal is to take these assets together and refinance them to get money to buy another house or two in the US in other states such as Carolina or Texas or Atlanta etc.
The question is if he can get a loan from the bank and if so what is the procedure and are there any recommendations for which bank or someone can help him in the process?
In the past, he thought that because he was an Israeli citizen and had no job in the US other than the assets he would not be able to get refinancing the assets / mortgage
And also thought that because each property is in a different state he would not be able to get a mortgage to buy a property in a different state ..
what do you think? Can you help?
Do you want a portfolio loan…
Ido Neuman
There are many brokers who can help with such a loan. This is called portfolio loan and it is very common.
This is considered a commercial loan. The main thing to look at is the functioning of the conferences. How much they put in. How much expense do they have etc…
In practice, you can get better conditions like this than if you were to take each one individually, mainly because you were saving 2 Klanzing Coast in your case.
In the end, recommend running a comparison where you will see how much you will get from a commercial loan (probably higher) and then compare a situation when you are taking a private loan (ie a mortgage). In stages.
At the end, ask yourself - or your friend - how much money do you really need for the next project?
Closing Coast can be significant. And that varies between Lender and Lender.
There's a lot to consider here. But definitely encourage your friend to try to leverage the assets. Money sitting is wasted money?
Best of luck
Hi there,
Send me a message in private, I just did it with another client, 3 properties in 2 countries. I can help or at least advise
Appreciate that without commercial loan it would be difficult for him.