Let’s Make It Happen!
I guess I asked for it, but now I am stumped. Back in December I wrote about multi-cultural blogging and going into untapped blogging territory by writing in a different language.
Bottom line is that we need more resources for Foreign Nationals that are buying real estate in the US. Just today I was contacted by and Italian gentleman and an Argentine lady who read a couple of my posts in Spanish, they are ready to invest in real estate in the U.S. and want financing options.
We know banks are being more difficult with Foreign Nationals and are requesting 30% down payments as a minimum and sometimes even denying loans with 35-40% down. Rick and I deal with many local mortgage professionals here in Miami and cannot find anyone that specializes in foreign national loans (or at least knows about a lot about them)- talk about an opportunity here!!
I even spoke to Brian Brady who suggested I ask for help on my blog and join the NAHREP, which I did. Now here’s the problem: I am spoiled, I have gotten to know people on the Internet and gotten a good feel on how they do business by the way the interact on-line. I feel really uncomfortable going into a on-line list of professionals to choose someone to work with.
So here’s the deal – if you work Foreign National loans, go ahead and leave your information on this post. We even hear that The Royal Bank of Canada (RBC Centura Bank) is issuing loans to purchase US properties. We want to be able to help those non-cash buying clients that are coming our way (although it would be nice to only work with cash buyers…..imagine?) – I can only hope that this turns into a great brainstorming session.
Tell us about the specific requirements for the specific programs (i.e. passport, US bank account, Federal ID number, US Company…….etc.) What we should warn foreign nationals ahead of time – what they should expect and how long the process will take.