Financing in 10036>Question Details

kellyjlazar, Home Buyer in New York, NY

Which banks lender's in Manhattan are open to lending Canadian resident's $$$ to purchase coops for their children?

Asked by kellyjlazar, New York, NY Mon Jul 22, 2013

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Kelly,
You will certainly have difficulty, unfortunately in getting a co-op loan if you are a Canadian citizen. The best places to try are HSBS and Emigrant, but do not expect to have an easy time of it. You will do slightly better in trying for a condo. If you are able to get a mortgage, you will have a very high percent down. My suggestion would be to get some kind of loan in Canada and pay cash here.
1 vote Thank Flag Link Thu Sep 12, 2013
Hi, Kelly.
Though your question is "which banks/lenders in Manhattan are open to lending Canadian resident money to purchase co-ops for their children,' there is an assumption in there that the co-op will be okay with the situation. So let's break that down a bit.
Some co-ops do not allow parents to buy for their children. Some allow it, provided the child is working and can carry the mortgage and maintenance on their own and have sufficient reserves. So, locating a suitable property is one hurdle.
Next, there is the loan issue. It is generally difficult to get a loan in NYC for someone from another country, even Canada. HSBC and Emigrant are possibilities, but withour a credit history here, there may still be issues for the bank. Generally the easiest way to go is to get a loan in Canada and pay with cash here.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
1 vote Thank Flag Link Tue Jul 23, 2013
Dear Kelly,

Are you looking at a coop whose board will except foreign buyers and will except parents buying for their children?

Banks, this depends on what percentage you are borrowing, these banks will lend within there paramators. I can give you names of mortgage brokers in these institutions who will be able to succesfully guide you through this process. Wells Fargo, Citi, Chase, First Republic

This should get you started.

Ella Chavers
Deouglas Elliman
echavers@elliman.com
0 votes Thank Flag Link Wed Nov 13, 2013
Foreign National Loans

Borrowers using TIN Okay
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Foreign Nationals {Expatriate}- NO PASSPORT {Must have valid work visa or 30% Down}
70% LTV Purchases
65% LTV Rate & Term Refinance
50% LTV Cash Out {Possible higher if financials are up to par}
Multiple properties OKAY
Corporation purchasing and refinancing OKAY

Richard- El Bey
Avarice Investments
(706) 399-7813 cell
(678) 752-8062 Office
thegocp@gmail.com
0 votes Thank Flag Link Mon Nov 11, 2013
I'm glad to know that, Jenet; thank you.
0 votes Thank Flag Link Thu Sep 12, 2013
Hi Kelly , there are banks that lend to foreign nationals which is what you would qualify for being a resident of Canada . Depending on the amount and your qualifications banks will do between 50-65% of the purchase price.

There is a process and there are banks willing to do this type of loan.

I am available for any questions .

sincerely

Thomas Dougherty
Branch Manager
Pan Am Mortgage & Financial Services
116 east 30th Street
New York, New York, 10016
646-358-1328
tdougherty@panamloans.com
NMLS # 232024
0 votes Thank Flag Link Thu Aug 15, 2013
Hi Thomas
I'm looking for a lender that will do 20% down. So far RBC Georgia will be they don't do Coops.....

Kelly
Flag Thu Aug 15, 2013
Hi Kelly , there are banks that lend to foreign nationals which is what you would qualify for being a resident of Canada . Depending on the amount and your qualifications banks will do between 50-65% of the purchase price.

There is a process and there are banks willing to do this type of loan.

I am available for any questions .

sincerely

Thomas Dougherty
Branch Manager
Pan Am Mortgage & Financial Services
116 east 30th Street
New York, New York, 10016
646-358-1328
tdougherty@panamloans.com
NMLS # 232024
0 votes Thank Flag Link Thu Aug 15, 2013
Kelly,
That is a very difficult range for the Village, which is the neighborhood around NYU. It is a very pricey neighborhood. There are a couple of studios around for that, in fact I have one listed now in the East Village, but it is a co-op, not a condo. Condos would be more expensive unless you go considerably further away.

Best,
Jenet
0 votes Thank Flag Link Tue Jul 23, 2013
The process to purchase is different to forigners the US Citizens. Please call or emial to discuss this process.

Ella J. Chavers
Real Estate Sales Agent
Douglas Elliman
917-608-9349
echavers@elliman.com
0 votes Thank Flag Link Tue Jul 23, 2013
Thanks Janet. Is it possible to get a condo in lower manhattan (murry hill etc) close to nyu for around $300K?
0 votes Thank Flag Link Tue Jul 23, 2013
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