May 11, 2006 at 03:03am by Jim
Where do our offshore foreign investors go to obtain a loan for a real estate investment?
That would be my dilemmas if I were sitting in my office in Buenos Aires noticing I had cash and I was looking to purchase an apartment complex in Miami and convert it to reasonably priced condos.
Information about prospective borrowers is crucial and that is all that our onshore banks have to review in order to determine if any given project is worth buying into.
Should the situation be a group of investors a determination within the group needs to be made of who will be the guarantors. Once the group has decided who the guarantors are, those persons must prepare to gather documentation.
The following is needed to complete a basic loan application package:
• List of Guarantors
• Financial Statements of Guarantors
• History (if any) of U.S. banking or credit
• Copies of Passports/Visas of Guarantors
• Copies of foreign tax returns of Guarantors
• Market plan
The above application package will be sufficient for most lenders to evaluate and execute a loan for most high end residential and lower end commercial ventures.
Real Estate investment for our European, Caribbean and South American borrowers are easy and should not be thought of as a…foreign concept.
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