You can get financing from nearly any Canadian lending institution. You should start with the lender who is carrying the note on your primary home. For loans Less than $500k: As of 2/6/12 there is none available. Some clever Canadians have purchased homes as a 2nd home and then made them available for renting. HOWEVER, if you do this within 6 months of purchasing a second home ( http://ifindproperties.com/canadians/canadians-2nd-home-faqs.html ), your lender could call the note.
"Qualifying for a loan to purchase properties in Las Vegas":
Unless you have obtained a loan in the past 3 years, you will be in for a major surprise. Loan requirements have stiffened a lot! Many investors have flown all the to Las Vegas only to discover their 800 credit rating is worthless. Even if you have a great credit rating and a large pool of assets, you wonâ€™t be able to get a low interest loan unless you meet these general conditions:
Unfortunately, getting a loan from a foreign country is very difficult unless you want a hard money loan.
You must receive a W-2 or have tax returns that show you make money. The days of â€œstated incomeâ€ are way over.
Your credit must be spectacular. Since you are in investor, credit standards a much higher than an owner occupied property.
You canâ€™t be leveraged to your teeth. Lenders will look at your debt obligations and compare that to your net worth.Note: Some folks play the â€œSecond Homeâ€ or â€œVacation Homeâ€ card which gives you better rates than an investor. There is some risk involved because if you get caught, there is a chance the lender will â€œcall the noteâ€ on you.
--- Qualifying for a hard money loan to purchase properties in Las Vegas ---
Expect to pay $3k up front and 12% interest. Since you are paying through the nose to get a hard money loan, the conditions are a little looser. Their lending process is still a little vague to me but generally you need to put 40% down, have a large net worth and the property needs to be appraised at or below market. They also quiz you to find out if you have a clue about investing...and they generally donâ€™t play with amateurs.
If you have any further questions regarding making this purchase a success, please feel free to contact us direct. Also, you are welcome to search actual MLS Listing through our website at:
I hope this information helps,
LV Property Search
Are you looking for someone who will finance a condo or take out an equity line with a Canadian on a paid off condo?
If you can clarify maybe I can provide a resource for you.
Fine Homes International
Prudential Americana - Vaughn & Berg Group
7475 W. Sahara Ste 100, Las Vegas, NV 89117
Office 702.362.1111 Ext. 255