An update to borrowers from one of the banks we work with (this does not mean that this is the case for all banks but this is the period)
Summary at points:
- Most banks, as well as this bank, have suspended loans to foreign nationals (not all)
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This particular bank greatly appreciates the tremendous volume of loans we have flowing from our group, so beyond the interest rates and preferred conditions, they make efforts to continue working with foreign citizens from the group and thus:
- Large loans of 1 million or more - continue as usual Blanket loans will be split into personal loans for each property with an individual lien
- If you have a Social Security and FICO credit number - business as usual
- If you have a company that is owned by at least 50 percent of the US resident - business as usual
- What is certain is that the only thing that is fixed now is the constant change of the market - everyone who opens a portfolio with us receives regular updates on his loan and market conditions.
Charles B. - Financing & Loans Consultant
To start a financing process without obligation and at no cost, fill out the form on this page:
The full email:
Our principal lender, the one from whom I provided the loan terms to all of you, has had to change their lending criteria since the Cubid-19 epidemic. Below, an overview.
Last week they completely suspended their overseas real estate loans, as did most lenders. But through many meetings later we found a possible way to do that. They now handle loans separately and give our clients requests additional consideration for approval, as they feel our group will be important to them in the long run, and these arbitrary underwriting guidelines are only a short-term issue.
Quilt or bag loans have been discontinued almost completely. Only blanket loans of $ 1mm or more are considered. For those of you who have worked with us on multiple properties, we will need to finance them one at a time, usually at the same time, but they will be pledged individually instead of under a multi-property mortgage. Additional proof of purchase and personal income to be eligible.
For those of you with US Social Security numbers and FICO scores, this is mostly business as usual. You will still need to provide proof of income as opposed to without a full document until the underwriting rules are relaxed.
If your LLC is at least 50% owned by SSN who owns the person, they can manage your loan domestically and not abroad. We will continue to work with the lender to let go of their rules, but in the meantime, if we ask you to provide more information during the loan process, Because of the ever-changing landscape of the lending business.
We thank you all for your business and look forward to assisting you with your real estate and business financing needs,
UPDATE FOR FOREIGN NATIONAL LENDING IN US
Our primary lender, the one from which I have provided the Term Sheets of late, had to modify their lending criteria since the Covid-19 Pandemic. Below, please find an overview.
Last week, they had totally suspended Foreign National real estate loans, as have most lenders. But through many subsequent meetings, we have found a possible way around that. They are now treating the loans individually and giving our clients' requests additional consideration, as they feel that our group will be very important to them in the long term, and these arbitrary underwriting guidelines are just a short term issue.
Blanket or portfolio loans have almost completely come to a halt. Only blanket loans near $ 1MM or more are being considered. For those of you who have been and are working with us on multiple properties, we will need to fund them one at a time, usually simultaneously, but they would be mortgaged individually instead of under a multi-property blanket mortgage. With this also comes the need to provide additional property and personal income evidence to qualify.
For those of you with US Social Security Numbers and FICO scores, it's mostly business as usual. You will still need to provide proof of income as opposed to a complete no-doc until the underwriting rules have relaxed.
If your LLC is at least 50% owned by an SSN holding individual, they can run your loan domestically rather than Foreign National. We will continue to work with the lender to relax their rules, but in the meantime, if we ask you to submit additional information during the loan process, it is because of the ever-changing landscape of the lending business.
We thank you all for your business and look forward to assisting you in your real estate and business funding needs,
Warm Regards,
Charles B. - Financing & Loans Consultant
To start a financing process without obligation and at no cost, fill out the form on this page:
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