Financing For foreign Nationals
Disclosures:
- This is not an offer or commitment to lend. This is not an offer to sell or buy securities. Only available whereas legal. Rates, Fees, and Terms, whether minor or major are subject to change without notice.
Required Documentation
- 10.99% Annualized Interest Rate
- 9 Month Term
- No Prepayment Penalty
- Interest Only
- 2.5% Origination Fee
- 10-14 Day Close of Escrow
- 100% of Purchase Price
- 100% of the Rehab Costs
- 100% of the Soft Costs
- Up to 70% of the After Repair Value
- Minimum Loan Amount: $100,000
- Maximum Loan Amount: $1,000,000
Financing For Foreign Nationals.
- Purchase and Refinance ONLY (NO Rehab)
- SFR Rental Assets
If The Borrower Has No Us Credit Then We Can Do:
- 65% LTV on purchase and rate and term
- 60% on cash out
If Borrower Has Us Credit And Qualifies With The Fico We Can Do:
- 70% LTV on purchase and rate and term
- 65% cash out
Documents To Qualify Are Minimal:
- 1003 (no income or signatures)
- Submission sheet
- Passport from origin country
- E-sign disclosure
- Lease agreement if refinance $100,000.00 Minimum Loan Amount
Qualifications:
- Property must be Residential 1-4 Unit Urban or Suburban Locations only Rehab Cannot Exceed 50% of Purchase Price on 1st 3 Deals Subject Property must be vested in a Business Entity Minimum Experience of 1 deal in the prior 24 months Must have 2019 /2018 Personal Tax Returns 620 Min FICO or Higher with No Derog Credit Clean Background Check Must utilize a Licensed GC
Minimum Liquidity
- For up to 350K = $35,000
- For up to $500,000 = $50,000
- For up to $750,000 = $75,000
- For up to $1,000,000 = $100,000
Available States
Texas, Illinois, North Carolina, South Carolina, Florida, Georgia, Tennessee, Ohio, Pennsylvania, California, Washington, Oregon, New Jersey, Massachusetts, Iowa, Oklahoma, Missouri, Colorado, Maryland, Virginia, Minnesota, Alabama, Utah. Other states maybe available on a case by case basis.
Qualifications Continued
- Must provide HUD-1s from any completed deals on both the Buy and Sell, and a detail of the rehab completed. Soft Costs include interest costs, loan fees, title fees, insurance, and property taxes.
- Must provide HUD-1s from any completed deals on both the Buy and Sell, and a detail of the rehab completed. Soft Costs include interest costs, loan fees, title fees, insurance, and property taxes.
- Borrower must be gainfully employed or prove some source of income.
- Liquid Funds must be a in checking or savings account. Non Liquid or Semi Liquid Funds are not counted. Area must have a 90-180 Days on Market Average. Rehab must be under 90 Days or the DOM must be reduced accordingly.
- Borrower must carry Builder’s Risk. Single Family Homes or 2-4 Units, No Condos, Townhomes, Land, or Commercial. No Lot Sizes over 2.0 Acres
Documents Requested:
Guarantor:
- ID or DL
- 3 Months Personal Asset Statements
- Real Estate Resume of Deals completed prior 24 Months
- 2018 or 2019 Tax Returns
Borrower:
- Business Entity Formation Documents.
- EIN #
- Certificate of Good Standing or Business License.
- 3 Months Bank Statements
- Operating Agreement or Bylaws
- Officer List or Partnership List
Subject Property:
- Executed Purchase Contract
- Earnest Money Deposit
- Rehab Budget
- Draw Schedule
- GC Contract to Build
- GC License, Insurance, Bond
- Preliminary Title
- Title / Escrow Contact Info
- Preliminary Insurance Quote
- Insurance Agent Contact Info
Step 1. Remit the following documentation:
- ID
- Credit Report
- 3 Months Asset Statements
- 2018/2019 Tax Returns
- Real Estate Experience Data Tape
- Purchase Contract
- Estimated Rehab Budget
Step 2. Within 24 Hours, NewRepublicFunding.com will issue a Pre-Qualification and Missing Document Checklist, along with the Link to fill out the applications via our loan application.
Steps To Get Funded:
- Receive Pre-qual.
- Remit all Documents Requested and fill out application links.
- Sign Letter of Interest.
- Order and Pay for Appraisal.
- Underwriting will review full file, and request any missing documents.
- Work with title and insurance.
- Close Escrow.
New 4.75% Foreign Nationals Program FAQ:
- 60% ltv R/t DSCR the rate is at 4.75% costing 1 pt buydown. (assuming 1.15% ratio SFR)
- Origination is 1.25%
- Buydown 1%
- Our success and processing fee 1%
- 3.25 pts total
- 30 Day Close of Escrow
Brokers & Referral Partners
Brokers and/or referral partners are protected and appreciated. Brokers may charge up to 2.5% of the loan amount funded—see our fixed commission option. Brokers cannot charge any upfront fees.
Frequently Asked Questions (FAQs)
Is this just cash out?
80% rate and term & up to 80% Cash out – refinances only
What is the minimum loan amount for this program?
Minimum loan amount of $280,000. A minimum of 5 assets worth above $70,000 must be refinanced simultaneously.
How many amortization years?
30 Year AM
Can this fit a purchase that needs some renovations?
No rehab can be needed. This is a DSCR loan which means it is a refinance for rental assets. No purchases.
What about fix & flip loans?
We have two separate fix and flip programs. This program does not apply to fix and flips. I will provide fix and flip information.
Can this be used for a portfolio loan or only for singles and multi family?
This program is for single family asset portfolios, only in select states.
What if my loan amount is below that minimum?
We have other programs which the rate is about %1 higher.