Foreign National
- Our Foreign National loan is for non-US citizens who cannot produce the documentation required for bank funding
- The loan is intended to be for investment properties or vacation homes; not intended for primary residences
- The loan allows the borrower to get funding and close on the property fast
- Given the light document requirements, substantial equity in the property is required
- We are able to provide a commitment letter on the same day
- Funding is within 1-2 weeks
- Interest Rate starting at 6.5%
- Interest only, no amortization
- 1.5 – 2.5% origination fee
- 1 year term standard
- 2-3 year term is available
- 6 month extension is available at maturity
- Up to 75% of purchase price
- We fund 100% of rehab
- Total Loan amount not to exceed 65% ARV
- Generally, we require to be in a first lien position. We will consider a second lien on a case-by-case basis at low LTVs
- Property must be held in an LLC
- If we are comfortable with the property, we can use an existing appraisal
- No FICO score minimum (not having US credit history is ok)
- Lender title insurance must be obtained
- Insurance policy should state that Home Loan Services llc is the loss payee and additionally insured
- Builder’s risk insurance is required on extensive rehab projects
- Flood insurance is not required unless the property is in a flood zone