Financing in Orlando>Question Details

Bjorn Sk Ing…, Home Owner in Outside U.S.

New questions. How high loan could I except to have on house in Watersong. House not in my name, company. I´m foreigner and don´t live in US.

Asked by Bjorn Sk Ingolfsson, Outside U.S. Wed May 2, 2012

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Answers

8
Bjorn:
So the real question is that you want to get a Home Equity Loan on your Company Owned Vacation home at Watersong. Now that is clear and simple. Banks will usually lend up to 80% of the actual value of the property. Because the property will act as collateral it should be an easy transcation, except that your income being generated outside the USA may require extra paperwork to with the lender, to prove your ability to repay the loan.

Just contact your Wells Fargo Branch about getting a Home Equity Loan. Was this answer helpful? If so please click on the "thumbs up" or the "best answer".

Tony Vega
Charles Rutenberg Realty

Search our local MLS for free at http://www.SearchKissimmeeHomes.com
1 vote Thank Flag Link Wed May 2, 2012
It is worth asking but Wells Fargo do not usually lend to Foreign Nationals. And my guess is that it will be a real streatch for them to lend yo a Foreign Compnay. Having said that I would appreciate it if yuo could please let me know how you get on with them.

It will help all of use to know the answer

thansk

Alan

http://www.shoporlandohomes.com
0 votes Thank Flag Link Wed May 2, 2012
Hi again Bjorn,

OK, thanks for the added info to your previous question. I did find one house listed as owned by an Icelandic company. Sorry, but there is very little chance that you will find a reputable US lender who will give a mortgage to a foreign company fro residential tourist property. I do hope that when you took over the company in Iceland, that you did not value the house at it's purchase price. It is worth less than 50% of that now.

As Tony Vega notes, he lives right next door and he would be a good agent to have help you out.
0 votes Thank Flag Link Wed May 2, 2012
Thank you quickly answer.

I am taking over this property in Watersong with other assets in Iceland. It has not been approved acquisition as me and my business partner want to see if we can get a mortgage / loan on a house in Watersong.

How is it if I change the ownership of the house into my name is that better potential for good long-term loan.
Flag Wed May 2, 2012
Hi Bjorn,

just call:

Cindy Hall
Commercial & Residential Loan Consultant
Mortgage Solutions of Central Florida, Inc.
6200 Metrowest Blvd, Suite 203
Orlando, FL 32835
407-294-4707 | 800-482-4707 (office)

She does all of my non US residents loan, she is the best, just let her know I sent you!!!

Mike Wald
Central and South Florida's Premier Full-Service Real Estate Organization®
http://www.BestFloridaRealty.com
Phones:
U.S.A.:
Office Miami: +1 786 277-7744
Office Orlando: +1 407 965-2928
Brazil:
Office São Paulo: +55 11 3042-7592
0 votes Thank Flag Link Wed May 2, 2012
The case is like that. I´m taking over company here in mine country Iceland. This company owns a house in Watersong with no loans or mortgages on it. I´m would like to to have a loan on this property to use it to decorate it. Use some of the money to reinvest in some other properties in Orlando area.

This house is with 6 bedrooms, 4 bathrooms, swimming pool and good facing. I have not been into this house but I know the location of this neighborhood.

I have a bank account in Wellsfargo Bank and my wife has an US social securty number since her university days in US.
0 votes Thank Flag Link Wed May 2, 2012
Typically you can get at least 70% financing or more depending if it is going to be your second home or primary home.
0 votes Thank Flag Link Wed May 2, 2012
If you are looking to buy a home being a foreigner you can get up to 80% of the cost as a loan, you need to bring the other 20%.

If you want to sell a home your company owns in Watersong, it will be based on size and recent sales.

I live right next door at Providence and can meet with you at your convenience to look at the home and give you sale price estimates. Call me at 407-791-9086

Tony Vega
Charles Rutenberg Realty
AVegaPacheco@aol.com

http://www.SearchKissimmeeHomes.com
0 votes Thank Flag Link Wed May 2, 2012
Hi Bjorn,

I recommend you to talk to an attorney Usually loans to non citizens are around 5 to 7%.

Mike Wald
Central and South Florida's Premier Full-Service Real Estate Organization®
http://www.BestFloridaRealty.com
Phones:
U.S.A.:
Office Miami: +1 786 277-7744
Office Orlando: +1 407 965-2928
Brazil:
Office São Paulo: +55 11 3042-7592
0 votes Thank Flag Link Wed May 2, 2012
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