
If you’re a broker looking to expand your mortgage business and reach new clients this year, consider adding Foreign National Loans to your product offerings. As the U.S. real estate market continues to see an influx of international buyers and foreign investors, now’s the time to tap into this alternative mortgage program to help you take your business to the next level.
While these borrowers are looking for more real estate opportunities in the U.S., it’s not always easy. The problem? Due to their international status, they can’t always provide the proper documentation (think FICO scores and U.S. tax returns) required by traditional lenders. Despite it being more difficult, it’s not impossible. That’s where Foreign National Loans can help!
Foreign National Loans are an alternative Non-QM solution designed for non-U.S citizens who want to invest in U.S properties. By adding this product to your offerings, you can confidently reach new clients outside of U.S. borders while gaining a competitive advantage.
Ready to explore Foreign National Loans? Here are 3 ways LendSure’s program can help make a difference for both your clients and your bottom line:
1. Flexible Requirements
Securing funding can be difficult even for U.S. borrowers. It’s especially harder if you’re a foreign national who doesn’t meet the general requirements traditional lenders request during the transaction process. From domestic credit scores to tax returns, there are multiple obstacles standing in the way for non-U.S. citizens looking to invest in U.S. properties.
Luckily, with the right partner, you can give these clients an alternative solution that allows them to confidently close on properties. At LendSure, we don’t require borrowers to submit domestic credit scores. Instead, we accept foreign credit reports or even credit reference letters to qualify them. Another benefit is no tax returns are required. Our team utilizes a DSCR-based underwriting system where we analyze the property’s cash flow to determine eligibility. This makes it easier for foreign national borrowers to qualify for funding.
2. Competitive Terms
Besides flexibility, these clients may also value strong loan terms. From attractive interest rates to lower down payments, offering competitive terms is key if you want to win over new clients and expand your network.
LendSure’s Foreign National Program offers high LTVs, competitive rates, and faster funding times. Clients can also cash out up to $500K which can go towards reserves for LTVs up to 60%. This program is only available for second homes and 1-4 unit investment properties, not primary residences. This is an ideal solution if your client wants to purchase a vacation home in the States or simply wants to add to their portfolio with a second investment property.
3. Better Service
Adding Foreign National Loans to your offerings may seem daunting. You may be wondering whether you’ll have to deal with documents in other languages or perhaps unfamiliar income verification. Whatever the case, with LendSure on your side, you can rest easy and feel secure that your transaction will cross the finish line.
Not only do we offer flexible guidelines and competitive terms, our service is top-tier with unsurpassed funding times (in as little as 7 days). If you want to start serving more borrowers and expand your business in 2024, now’s the time to connect with us.
Here’s a full list of our current Foreign National Loan guidelines:
- Available for 1-4 unit investment properties
- Income verification letter from employer or CPA accepted or Investor Cash Flow (DSCR)
- No tax returns required
- Foreign credit reports allowed
- LTV up to 75% for Purchase and R/T Refi
- LTV up to 70% LTV for Cash-out Refi
- Cash-out up to $500,000
- Cash-out may count towards reserves for LTV up to 60%
- Various Visa types accepted
The LendSure Way
It’s simple. We make loans that make sense. We’re not in-the-box lenders. Of course, there are numbers ratios, and data to consider, but we know that behind every file, there’s an individual with a unique circumstance seeking a loan. We work hard to offer our common-sense take on lending to borrowers seeking funding for the home of their dreams, another addition to their investment property portfolio, or refinancing of a currently-owned property.
Are you ready to benefit from a common-sense approach to lending? Contact us today to learn more about non-QM loans and how partnering with LendSure Mortgage Corp. can help grow your bottom line. Did you like our guide to Foreign National Loans? Check out another blog on the subject.