Any advice on raising mortgage for a Windsor Palms home, 3 way buy, 2 UK and 1 US.?

Asked by Alan, South Carolina Sun Jul 20, 2008

I am US based and own a South Carolina LLC. Will Florida lenders offer funds to a SC LLC or should we persue funds individulally, or all 3 to one lender. Will Florida lenders offer funds to UK buyers?

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Erica Muller, Agent, Winter Garden, FL
Wed May 5, 2010
Just an FYI on financing homes in Windsor Palms Alan, whether you buy as an individual or a corp you will need to take the furnishing clause out of the contract and renegotiate it on the side with the owners because it will devalue the property and I can assure you the appraisal will come in low because of it. It happened to one of my buyers and it's happening to more and more buyers financing vacation rentals. I would watch this short video:
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Christian Bo…, Agent, Celebration, FL
Sun Jan 18, 2009

I agree with most of the comments.
You also need to find out if Windsor Palms is not considered a 'short-term rental' and therefore a higher risk for the lenders. For these type of properties Lenders might ask as much as 50% down.
As to the LLC, you might want to talk to a CPA who specializes in real Estate.
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Steve Glose, Agent, Orlando, FL
Wed Jul 23, 2008
Hi Alan,

As the other agents has noted, you will find it difficult to find a US lender to finance your purchase as an LLC because if the risk. I currently work with an international lender based in Central Florida who is quoting my UK clients 4.5% loans with 30% down minimum loan $215,000.

This is open to International buyers as well as investors. Loan qualification time is taking my clients 60-90 days but with many banks pulling back on international lending, this is a minor inconveniance.

If you would like information about this International Lender I would be happy to forward it to you.

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Jacqueline F…, , Kissimmee, FL
Tue Jul 22, 2008
Hello Alan,

You can buy a Florida property under a LLC but your mortgage interest rates will be a little higher than if you bought the home in your name. It might be as little as 1/4% to 1% more.
Yes, you US lenders will offer a mortgage to foreign nationals.
Most lenders are requiring 30-40% down depending on the type of loan you want to use.

If you would like me to help you find a Holiday home in Kissimmee, please feel free to contact me.
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Colin, , Florida
Sun Jul 20, 2008
I'd second Paul's answer, except to say that "a bit trying" understates the position. We are advising our UK & Canadian clients to seek finance in their own countries first, due to problems with US lenders. In the peak times of two or three years ago, many lenders would not lend to LLCs, and now I'd expect it to be very nearly impossible to find one who would at any acceptable rate of interest.

There may still be UK lenders who will make loans to UK buyers secured on Florida property (I believe that Lloyds and/or Abbey National used to be in that business, but British Mortgages Abroad has pulled out of the market). As far as I'm aware, they only worked with individuals and not LLCs, though.

Good luck!!!
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Paul Antonel…, Agent, Saint Cloud, FL
Sun Jul 20, 2008
Looks like you want to buy as a corporation or company, that is a bit trying in todays market. Mortgage companies are still doing overseas business everyday. However some banks are requiring as much as 50% down. Try the bank that you use everyday for your mortgage. Run everything by your accountant to see what he/she feels is the best way for you to go.
Good Luck
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