If you are a foreign investor it can be difficult to get a loan in the United States. It’s difficult enough for U.S. citizens! The good news is that a local bank with Spanish roots has developed a program aimed at helping foreign investors get loans in the United States.
Sabadell Bank and Trust, with branches in Miami, North Palm Beach, Naples and Sarasota is offering Consumer Purpose Residential Mortgages for foreign investors and/or foreign-owned LLCs. The product offer for foreign investors is a 15 year fixed rate with a 15 year amortization or 30 year amortization with a fixed rate terms of 3, 5, or 7 years. Foreign-owned LLCs will receive the same 15 year fixed rate with 15 year amortization or a 25 year amortization with fixed rate terms of 3, 5, or 7 years.
The bank is only providing loans to make new purchases or refinance existing purchases (no cash out). Loans can be up to 60 percent of the purchase price or appraised value, whichever is less, up to $3 million. To qualify, the borrower must show 2x the borrowed amount in liquid funds in a U.S. or foreign financial institution. There may be pre-payment penalties.
To find out more about the loan products contact Daniel E. Vigne, CFP, Executive Vice President
Market Executive, Sabadell Bank & Trust, 783 South Orange Avenue, Suite 100, Sarasota, FL 34236
Phone (941) 364-5080 or email: Daniel.Vigne@sabadellus.com.