By Julie Teitel
Over the past six years we have seen a large jump in foreign nationals purchasing property here in New York City. Although most banks won’t lend to foreign borrowers, some lenders have special criteria for lending to this category of buyers.
Here’s a chart with three different scenarios of banks that would lend to foreign buyers:
- Pros: Best rates
- Cons: Loan amount must be over $450,ooo; Building must 75% sold or in contract
- Pros: Very easy to work with
- Cons: High rates
- Pros: will lend to buildings with presales that are 33% or higher; Easy to work with
- Cons: Slightly higher rates for non US citizens; Clients must have four trade lines of credit from their country of origin or an international credit report
In all scenarios, the mortgage banker will need tax returns and bank statements from the client’s respective country. Be sure these documents are translated into English and USD.