How to apply for U.S. Mortgages as a Foreign National?

Canadian Mortgages

How to apply for U.S. Mortgages as a Foreign National?

Did you know with GMG, Foreign Nationals can apply for U.S. Mortgages without stepping into the country? You don't even need any U.S. Credit or U.S Income! Join Donald Klip, the Co-Founder of Global Mortgage Group to learn more!

Related Articles

See Other Cases

Procuring Mortgages for U.S. Citizens Living Overseas.

Canadian Mortgages

Procuring Mortgages for U.S. Citizens Living Overseas.

Obtaining U.S. Mortgages from Overseas is in itself a huge challenge and with the current market scenario, there are very few who would be willing to create lending opportunities for our clients.
In this Webinar, we discuss how U.S. Expats can procure a mortgage from overseas and different techniques to lower their interest rates.

Related Articles

See Other Cases

Couple In Their 70s Refinance Their Existing Investment Property To Release Cash

High Net Worth Mortgage Broker

The Client

A married Singaporean couple in their early 70s living in Singapore with a small portfolio of U.S. investment property. The wife works and owns a small marketing company whilst the husband is retired. In addition to their home, the pair also own two rental properties.

On advice from their trust attorney they were also hoping to increase their LTV to mitigate U.S. inheritance tax, and convert their current rental mortgage into an interest only to increase their yield.

The Property

A large six-bed family home in Vail, Colorado. The couple had purchased the house over 20 years ago when living and working in the U.S..

The pair were looking to reduce their credit card debt, and help their son purchase a home in Singapore.

The Deal

In total they were looking to raise $300,000. They had requested a five-year fixed rate on interest only terms.The clients felt that their advanced age of the applicants and their low income would decrease the finance options available.

The Challenge

The clients were not current on their U.S. tax filings for their rental property, were in their late 70s and had sufficient but not well documented income.

The Solution

As a significant amount of their income was based on future contracts, but their cash flow was sufficient to service their debt, we suggested our FNStated program which would enable to the borrowers to qualify for a higher LTV based off projected income and net rental income from the property.

Age wasn’t a factor, as it is illegal to discriminate against age in the U.S.. GMG was able to structure a 30 year amortized mortgage with a 5 year interest only period giving the needed $300,000 cash in hand and reducing their monthly debt servicing by 13%, thus increasing their yield.

Loan Details

Loan TypeProperty ValueLoan AmountLTVGMG Program
Refinance Cash-Out $1,450,000 $1,087,000 75%GMGFN Stated
Loan TypeRefinance Cash-Out
Property Value$1,450,000
Loan Amount$1,087,000
LTV75%
GMG ProgramGMGFN Stated
Related Articles

See Other Cases

What Is Bridge Financing And How Does It Benefit Investors?

International Mortgages

For those who are new to investing in real estate, the common question is, what is bridge financing? A better question is, what is bridge financing, and how does it benefit commercial Real Estate investors?

For investors that are well-versed in bridge financing you understand the importance of having access to reliable and reputable bridge lenders.

Bridge financing is short-term financing, sometimes referred to as private money, smart money, or hard money. Bridge loans are typically made by private individuals and not banks, so the interest rates on bridge loans are higher than on bank loans. International bridge lending allows non-U.S. citizens / Foreign Nationals to invest in U.S. or other global Real Estate projects by providing the needed capital in a quick and efficient manner.

Many of the commercial real estate investors who were able to purchase distressed commercial properties in recent years made out very well. In order to act on multiple opportunities at the same time, many real estate investors have turned to bridge financing.

Bridge financing benefits investors in 3 important ways:

1. Bridge financing allows investors to make their money go further. For example, if two properties come together at the same time, an investor can purchase both properties using a bridge loan on each purchase.

2. Bridge financing removes partners or family members from a deal. Investing with family members or business partners can be tricky. Bridge loans can remove other partners from the equation, allowing an investor more freedom and flexibility with a newly acquired asset.

3. Bridge loans fund faster than bank loans. If an opportunity is good, it won't last long. Bridge loans have fewer requirements than bank loans and thus close quicker. Bridge financing allows investors can grab a fleeting opportunity before another investor snatches it up.

International bridge financing for global/international real estate projects?

Global Mortgage Group's extensive network offers numerous options for Bridge Financing regardless of your citizenship. Whether for a hotel project in Spain, land in Thailand, or a dairy farm in India, GMG is your solution for reliable capital sourcing.

Our capital network and experience in international bridge lending expands borders.

With over 70 combined years of experience in the mortgage and investment banking industry and with access to funds around the world, GMG will consider most international bridge funding requests. Currently, we offer bridge lending on international and foreign borrowers with a minimum loan amount of US$3M with a maximum of 50% LTV/LTC.

"We close loans, others can't"

GMG Partners
Related Articles

See Other Cases

Northern California Multi-Unit Rental Property Purchase With A Complex Income Structure.

High Net Worth Mortgage Broker

The Client

A self-employed real estate investor with a British passport living in Hong Kong. He owned and managed a small boutique investment firm and wanted to diversify his holding in U.S. real estate.

The Property

A self-employed real estate investor with a British passport living in Hong Kong. He owned and managed a small boutique investment firm and wanted to diversify his holding in US real estate.

The Deal

The client needed to raise capital in order to purchase the three unit property. To raise the money, the client wanted to refinance/cash out their existing 4 bedroom beachfront rental property lowering their current rate for a 5 year ARM which was maturing in 6 months and get into a lower rate fixed mortgage.

The Challenge

The main challenge we had with this case was that the client had a complicated income stream. The income from the business was extremely “lumpy” and although the total earned income was high, the consistency was sporadic. This made the accounts difficult to interpret and created a mortgage experience with a well-known international bank to drag out three months to eventual be declined in the end.

The Solution

Although the clients’ business was very niche in his field, he had been running this successful firm for over a decade with an exceedingly good accounts track record. We were able to highlight the stable business history to the lender, structure the income documentation in a clear and precise manner in order to satisfy the lender. The lender subsequently released the equity portion from their other property, and approved the loan on their new purchase.

Loan Details

Loan Type Property Value Loan Amount LTV GMG Program
Refinance and Purchase $1,875,000 $1,312,000 70% GMGFN Lite
Loan Type Refinance and Purchase
Property Value $1,875,000
Loan Amount $1,312,000
LTV 70%
GMG Program GMGFN Lite
Related Articles

See Other Cases

U.S. Expat Takes Advantage Of Lower Rates To Increase Rental Yield On Summer Home.

High Net Worth Mortgage Broker

The Client

A U.S. Expat living in Hong Kong working in the IT field.

The Property

A 4 bedroom Tempe, Arizona home which use to be the family’s residence and now used as a short term rental so the family can use over the summer school holidays.

The Deal

To secure a lower rate and term mortgage to increase their rental yield.

The Challenge

Client was working for a global company. He was current on his US tax filings but his income was foreign earned, no “normal” payslip, no U.S. bank account and no W2.

The Solution

Once we had all the required documentation settled, we packaged the loan and shopped for the best rate and terms. GMG helped the client structure several letters of explanation regarding how his income was calculated and the use of the rental property (AirBnB).

A formal mortgage offer was received within ten working days and closed shortly thereafter. Client was able to lower his current interest rate by a full percent, on a 30 year fixed savings thousands in long term financing costs.

Loan Details

Loan TypeProperty ValueLoan AmountLTVGMG Program
Refinance Cash-Out $510,000 $341,700 67%GMGUS Expat-1
Loan TypeRefinance Cash-Out
Property Value$510,000
Loan Amount$341,700
LTV67%
GMG ProgramGMGUS Expat-1
Related Articles

See Other Cases

Singapore Business Owner Uses A GMG Bridge Loan To Maintain Liquidity While Awaiting A Contract To Be Completed.

GMG Bridge Loan

The Client

Singapore PR with a maritime business uses GMG Bridge Loan to purchase equipment to service whilst awaiting an international government contract.

The Property

Luxury penthouse condo in District 9 with a current SG bank loan.

The Deal

To secure S$4,000,000 to purchase new equipment required for a large and lucrative contract.

The Challenge

Client had decreasing cash flow and liquidity needed to obtain a standard Singapore bank loan nor could he wait for the lengthy underwriting period required. He needed immediate funds to take advantage of a business opportunity which would expand his business. Current loan was with a local Singapore bank and required a three month redemption notice.

The Solution

GMG reached out to our family office network to secure a first position loan. Assisted the client to liaise with the bank holding his mortgage to get an immediate release. Closed the transaction with 6 working days giving the client the required funds needed to purchase the equipment and secure the contract.

Loan Details

Loan Type Property Value Loan Amount LTV GMG Program
Bridge Cash-Out $7,000,000 $4,000,000 57% GMGSG Bridge
Loan Type Bridge Cash-Out
Property Value $7,000,000
Loan Amount $4,000,000
LTV 57%
GMG Program GMGSG Bridge
Related Articles

See Other Cases

U.S. Expat international school teacher living in China for many years with no current US credit score buys first US investment property.

High Net Worth Mortgage Broker

The Client

U.S. Expat international school teacher living and working in Shanghai for the past 15 years with no U.S. credit score.

The Property

A condo in Orlando, Florida within a 30 minute drive to several local attractions and amusement parks.

The Deal

To secure the property, the client needed to borrow $210,000. Client wanted a low rate, 30 year fixed, 20% down mortgage. The seller was about to cancel the transaction because the borrower’s original financing fell through.

The Challenge

Client came to GMG after failing to secure a mortgage with a local Florida broker. The seller was threating to cancel the transaction and keep the client’s deposit as the mortgage loan fell through in the final stages of the transaction. The client had filed all their U.S. tax returns but had been living in Asia for many years without having a U.S. credit accounts. No FICO score.

The Solution

Client would need to manage their expectations as they no longer had U.S. credit which is paramount in conventional U.S. mortgage lending. GMG loan specialist explained the options and a long term strategy of re-establishing their U.S. credit and refinancing into a conforming loan within 24 months. We spoke with the buyers and seller’s agents and explained the situation and GMG’s three step plan to obtaining the loan. An extension was granted, a mortgage loan only slightly above “prime” rate was secured. Seller, client and agents - Happy. Client is now on their way to re-establishing their U.S. credit and building their real estate portfolio.

Loan Details

Loan TypeProperty ValueLoan AmountLTVGMG Program
Purchase $300,000 $210,000 70% GMGUS Expat-2
Loan TypePurchase
Property Value$300,000
Loan Amount$210,000
LTV70%
GMG ProgramGMGUS Expat-2
Related Articles

See Other Cases

U.S. Mortgages for Overseas Investors | GMG | SparkLabs Demo day.

Global Mortgage Group

U.S. Mortgages for Overseas Investors | GMG | SparkLabs Demo day.

Global Mortgage Group is the only U.S. Mortgage Broker based in Asia, with direct access to hundreds of lenders.
SparkLabs hosts the largest Demo-Day event globally and GMG was chosen as 1 of 9 companies to present to over 3,000 attendees at their Batch 14 event in December 2019.

Related Articles

See Other Cases