Finally...Loans for Canadian Investors Looking to Purchase U.S. Real Estate

Thursday, November 3, 2011Finally...Loans for Canadian Investors Looking to Purchase U.S. Real Estate

Over the last three years I have sold dozens of properties to foreign nationals looking to invest in Las Vegas real estate. Las Vegas has led the nation in foreclosures for the last three years running and has seen properties lose 50-80% of their value. Rents, on the other hand, have declined only a fraction of that percentage and, as a result, Las Vegas investment properties are cash flowing at a rate we haven’t seen in decades. Many foreign nationals, especially Canadians, who are familiar with Las Vegas as a vacation destination, are now looking to Las Vegas as an investment destination as well.

The only downside, for some Canadians, to investing in Las Vegas foreclosures has been the inability to use financing to leverage their investment. All of my Canadian buyers have had to pay cash for their investments because reliable financing for foreign nationals was simply not available through U.S. financial institutions. Until now.

I am excited to announce that Team Plantone has recently established a relationship with an established lending institution here in Las Vegas that has developed a loan product for Canadians looking to purchase 2nd homes in the U.S. and a separate loan product for foreign nationals looking to purchase investment property.

The second home purchase program especially for Canadians will fund 65% loan to value on single family residences with a minimum loan amount of $75,000. A Candadian credit report with a minimum score of 680 is required along with income and asset documentation. Competitive fixed rates are available on 30 year terms.

The foregin national investment property product will fund up to 60% loan to value on residential properties with 1-4 units. There is no minimum loan amount and no proof of income or credit score required. Loans are amortized over 40 years and 3 and 5 year terms are available with rates starting at 8%. Even more encouraging is that the financial institution is able to order their own appraisal.

If you are a foreign investor interested in learning more about these programs or about investing in Las Vegas real estate, please contact Glenn Plantone for more information.