Financing in Scottsdale>Question Details

Mike, Home Buyer in Mesa Grande I, Mesa,...

I am looking for financing for a revenue property in Phoenix. As a Canadian (non-resident alien), which banks provide financing to foreign investors?

Asked by Mike, Mesa Grande I, Mesa, AZ Tue Nov 9, 2010

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Jason Felker’s answer
Hello Mike,

I know of 2 private lenders here in Phoenix that loan to Canadian buyers looking to purchase investment properties. They will only loan on investment properties and not owner occupied residences. I am Canadian myself and I have used them personally for investment properties and their lending decision was based solely on the property, my Canadian sourced income, and Canadian tax returns. If you would like more information, please email me at: jason.felker@talkarealty.com.

If you or someone you know is considering purchasing a vacation home (not investment) there are several large banks (both in Canada and in the US) that also have Canadian specific loan programs. The interest rates for these loans are much lower than the private money investment funds available to Canadians. Please don't hesitate to email me with any specific questions.

Thank you,

Jason Felker
Talka International Realty
0 votes Thank Flag Link Tue Nov 9, 2010
Kyle, I understand your position, but you also cannot know what each private investor may or may not do. We are close to a few investors who loan money and it depends on the details of the transaction.

Kind Regards,

Brenda
0 votes Thank Flag Link Tue Nov 9, 2010
If you heard of a Canadian getting financing it was on a primary residence or second home, they work here, and have US income, and/or have US credit.
0 votes Thank Flag Link Tue Nov 9, 2010
I don't mean to sound rude, but its so counter productive and confusing to people when you have so many Realtor's answering complex financing questions, especially when everyone is wrong constantly.

I know everyone wants to offer help but its just adding to the difficultly of assisting buyers today when they get so many wrong answers, so if youre not 110% sure, its best to not answer.

There are NO banks lending to Canadians for investments
There are NO hard money lenders lending to them either.
There are NO Canadian banks lending to them on investments either.

I know this from hours of research over the last 5 years, if you hear any different they are either out of date with their info or just wrong.
0 votes Thank Flag Link Tue Nov 9, 2010
Mike,
Just wondering why you wouldn't want to do hard money? Is this a long term investment or are you flipping?
0 votes Thank Flag Link Tue Nov 9, 2010
An approach you may consider is finding private financing. There are individuals who will offer private financing, but may have higher rates and a lower loan to value.

Best of luck!
Web Reference: http://www.jameswehner.com
0 votes Thank Flag Link Tue Nov 9, 2010
What we have found is that it is easiest to get financing through Canadian banks when the investors are from Canada.
0 votes Thank Flag Link Tue Nov 9, 2010
Just an FYI...

I checked with all the banks mentioned and none offer financing for foreign nationals. Thanks for all your help.

Cheers
0 votes Thank Flag Link Tue Nov 9, 2010
Do you have a ss# by chance?

One of my lenders said that they might be able to with a low loan to value....
0 votes Thank Flag Link Tue Nov 9, 2010
Mike

I just put a message into one of my lenders and will let you know what he says. If you don't have a Realtor in the area give us a call!

Brenda Cunningham
West USA Realty
602-980-3133
602-499-0694 Ron
http://www.CunninghamHomesAZ.com
0 votes Thank Flag Link Tue Nov 9, 2010
Thanks for all your replies. Not exactly what I wanted to hear however I am checking with some of the banks that were mentioned.

I suppose that seller financing is an option, however I can't imagine there are too many in the current market. Hard money is not an option.

Ok, for a little different twist on this question... If I owned a property there with full equity, would a US bank provide me a HELOC on that property?
0 votes Thank Flag Link Tue Nov 9, 2010
Wells Fargo, only if you have a US social # and a depository bank account, you
must pull at least one fico score.
0 votes Thank Flag Link Tue Nov 9, 2010
Sorry to tell you guys but a lot of false info here. None of the banks listed will lend to a foreign national -Canadian for an investment home. None.

A few of them used to a few years ago, but not any longer.
0 votes Thank Flag Link Tue Nov 9, 2010
I am currently working with 2 Canadian investers in Phoenix, Tempe, and Scottsdale. One investor uses M&I Bank and the other uses MidFirst Bank. I have never had any problems with either Bank completing and wiring the funds on time.
0 votes Thank Flag Link Tue Nov 9, 2010
US Bank will do vacation or second home loans for you, but not investor purchases.
0 votes Thank Flag Link Tue Nov 9, 2010
Here is one more copmpany:

iMortgage, http://www.imortgage.com

You can contact - Brad Rubin at 480-344-7472 or Brad.rubin@imortgage.com
0 votes Thank Flag Link Tue Nov 9, 2010
Washington Federal has a location on Camelback in Phoenix. They use to do loans for foreign investors. Not sure if they still do.

We know some private money lenders that I could check with for you and see if they would be interested. Just let me know.
0 votes Thank Flag Link Tue Nov 9, 2010
Dear Mike:

You shoud contact Bank of America. For more informatin on Canadian buyers buying US homes: http://www.arizonahomesland.com/canadianbuyersarizona.html

Jeff Masich, Realtor
Arizona Homes and Land
http://ArizonaHomesLand.com
HomeSmart
0 votes Thank Flag Link Tue Nov 9, 2010
I work with a number of Canadian Buyers in Green Valley, AZ and one of the banks that I know will lend to Canadians ( at least they were 6 months ago) is Washington Federal--not sure if they have a branch in Phoenix.

Best of Luck To You!
0 votes Thank Flag Link Tue Nov 9, 2010
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