Best mortgage for a UK investor trying to buy property in the States? - Page 2

RebelYell · #11 25-07-2008, 10:22 AM

Hi Bernie,
as a matter interest, is your offer subject to obtaining finance or not ?

RebelYell

Damian George · #12 25-07-2008, 01:41 PM

Hi Creative Source,

did you manage to sort your mortgage out?

Also if you need US Dollars drop me a line or call as it looks like a good time to buy as i think we may head a little lower

Damian

berniewall · #13 25-07-2008, 01:45 PM

Quote:

Originally Posted by RebelYell

Hi Bernie,
as a matter interest, is your offer subject to obtaining finance or not ?

RebelYell

Yes, I have the deposit but need to sort out the finance, 2 weeks ago I could have got a 75% loan to value from First bank Florida, now they do not lend for propeties in Davenport Orlando!

berniewall · #14 25-07-2008, 01:55 PM

Quote:

Originally Posted by Damian George

Hi Creative Source,

did you manage to sort your mortgage out?

Also if you drop me a line or call as it looks like a good time to buy as i think we may head a little lower

Damian

Thanks I'll bear that in mind...Unfortunately I send quite a lot over last Friday! Do you have a minimum amount to send?

Cheers
Bernie

Damian George · #15 25-07-2008, 01:59 PM

No minimum

Creative Source · #16 26-07-2008, 02:15 PM

Hi Damian

I managed to find a loan from an American Bank for British citizens wanting to buy in Manhattan where I put 35% down. Recently they also offered a rate where I could put 20% down.
I will need to buy US $ through out the next couple years so I would be interested in what you can offer.

Cheers!

CS

berniewall · #17 26-07-2008, 04:57 PM

Quote:

Originally Posted by RebelYell

Hi,
another method you can look into is to buy 'Subject-To' the existing finance. You basically take over the existing loan repayments on a property that is usually in foreclosure. You don't need to pay the usual mortgage establishment fees or apply for finance to the bank. This method is actively used by US investors.

rgds,
RebelYell

Do you think the 'subject-to' method would be open to foriegn nationals and how would I find out about it?

RebelYell · #18 28-07-2008, 08:52 PM

Quote:

Originally Posted by berniewall

Do you think the 'subject-to' method would be open to foriegn nationals and how would I find out about it?

Hi bernie,
from what I have experienced, the subject-to strategy only works in a pre-foreclosure situation where an existing home owner is being foreclosed upon and is about to lose their home. By taking over the mortgage and being also provided with the deed, you are effectively able to 'get finance' on a US property.

I'm not sure that it applies to your situation, but I have worked deals this year that meant I can buy cashflow positive property, without requiring a large cash deposit.

Are you able to get your cash back if finance falls thru ?

rgds,
RebelYell

berniewall · #19 01-08-2008, 11:52 AM

Quote:

Originally Posted by RebelYell

Hi bernie,
from what I have experienced, the subject-to strategy only works in a pre-foreclosure situation where an existing home owner is being foreclosed upon and is about to lose their home. By taking over the mortgage and being also provided with the deed, you are effectively able to 'get finance' on a US property.

I'm not sure that it applies to your situation, but I have worked deals this year that meant I can buy cashflow positive property, without requiring a large cash deposit.

Are you able to get your cash back if finance falls thru ?

rgds,
RebelYell

So far I have only put down $1000 and that is what I stand to loose, I think the loan outstanding on this property is way above the selling price so I taking over the mortgage is probably not an option.

Steve from Key mortgages could not find a suitable lender, so I'm pretty stumped. My brokers in the US have only one lender, who put a product back on the market on Friday, that will lend to foriegn nationals, but they are not sure if I will meet the criteria as this will be my 3rd home!!

I am considering raising the funds over here, does anyone have any advise on that option please....

It is so frustrating, I have the downpayment, excellent payment history on both the other loans but just can't get the finance!!!

Thanks for all the advise and contacts.
Bernie

Creative Source · #20 01-08-2008, 12:07 PM

Hey Damian!

Thanks for the fast and efficient service with buying US $s. You definitely got me the best rate and I wish I found you a few months ago! I will contact you shortly as I will be needing more US $ soon. Take care mate.

CS