Foreign Residents In Need of Loans Find Help

We recently learned that Sabadell Bank, a Spanish bank with offices in Florida, is offering some mortgage products and loans where credit record and income are not checked, which is useful for new permanent residents or nonimmigrants.  Here are the details:

JUMBO & SUPER JUMBO PRODUCTS

*         5/1, 7/1 & 10/1 ARM’s STARTING AT 2.875%, 3.125%, AND 3.375% RESPECIVELY WITH NO POINTS AND NO PREPAYMENT PENALTY

*         NO PRICING ADD ONS FOR LOAN AMOUNTS THAT ARE SUPER JUMBO’S, (WE CLOSED A 20 MILLION DOLLAR LOAN IN MIAMI SAME PRICING)

*         NO PRICING ADJUSTMENTS FOR REFINANCE OR CASH OUT REFINANCE.

*         HIGH NET WORTH CLIENTS CAN USE LIQUID ASSETS TO QUALIFY, (TWICE THE AMOUNT OF THE LOAN AFTER CLOSING IN LIQUID ASSETS AND WE HAVE A VIRTUAL NO INCOME QUALIFIER)

*         30 YEAR FIXED AVAILABLE FOR PURCHASES AND NO CASH OUT REFINANCES, CURRENTLY STARTING AT 4.75%, 1.5 MILLION MAX

*         15 YEAR FIXED OK FOR CASH OUT REFINACES UP TO 20 MILLION DOLLARS RATES STARTING AT 3.375%

*         NO LIMIT ON CASH OUT REFINACES  (CLOSED A REFINANCE WITH 4.9 MILLION DOLLARS CASH OUT)

*         BRIDGE LOANS AVAILABLE FOR 24 MONTHS INTEREST ONLY @ 4.00%.  SUPER JUMBO OK

*         NO MINIMUM CREDIT SCORE FOR APPROVAL

*         NO ESCROWS AND NO CHARGE FOR WAIVING ESCROWS

CONSTRUCTION LOANS

*         PREFERABLE FOR LOAN AMOUNTS OF ONE MILLION DOLLARS PLUS.

*         CAN BE USED FOR FOREIGN NATIONALS THAT CAN DOCUMENT WEALTH IN LIQUID ASSETS

*         24 MONTH CONSTRUCTION PERIOD

*         ONE TIME CLOSE AS A 10/1 ARM

They also have some loans for foreign nationals looking to buy vacation homes or principal residences (and not investment property).  Here are the terms if you know anyone from abroad looking to buy a home here:

FOREIGN NATIONAL LOANS

*         60% LOAN TO VALUE FOR LOAN AMOUNTS UP TO 3, 5, OR 10 MILLION DOLLARS OR HIGHER

*         EASIEST QUALIFIER IN THE INDUSTRY, 2 BANK REFERENCES AND VERIFY LIQUIDITY AT TWICE THE LOAN AMOUNT

*         LIQUID ASSETS DO NOT HAVE TO BE U.S. ACCOUNTS OR MOVED TO THE U.S. (The advantage of being an international bank)

*         REQUIRES A SABADELL ACCOUNT WITH 6 MONTHS PITI (principal and interest payments)

*         NO CREDIT REPORT AND NO INCOME VERIFICATION

*         3/1, 5/1, 7/1 AND 15 YEAR FIXED.  STARTING AT 3.00%, 3.75%, 4.50% AND 4.75% RESPECTIVELY

In short, if a borrower can show they have double the amount of the desired loan in liquid assets (e.g. bank and investments accounts) in the U.S. or abroad, then the bank will be interested in giving a loan.  Generally the loan to value is 60/40.  This means that the borrow must put down 40% of the purchase price or the actual appraised value, whichever is lower.

The contact person in Sarasota is Charles Campbell (charles.campbell@sabadellbank.com).  The west coast program is managed by this bank official in Naples: (douglas.rushing@sabadellbank.com).

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Written by Chris Jaensch

Attorney P. Christopher Jaensch received a Bachelor of Arts degree in History in 1992 and a Juris Doctor degree in 1995 from the University of Florida. While at UF, he was a member of Sigma Chi Fraternity, Phi Beta Kappa Society and Florida Blue Key, the oldest and most prestigious leadership honorary in the state of Florida.

Mr. Jaensch is a member of the Florida Bar, the American Immigration Lawyers Association (AILA) and the Sarasota Bar Association. He has served as President of the Sarasota-Manatee International Trade Club and served as Regional Vice Chair, Tampa Bay, for the Central Florida Chapter of AILA. He was a member of City of Sarasota Charter Review Committee and has been active in several local organizations, including the influential Laurel Park Neighborhood Association in downtown Sarasota.

Mr. Jaensch has over 18 years of experience in the field of immigration and nationality law and focuses his practice on four primary categories (a) investors and entrepreneurs, (b) business executives, managers and professionals, (c) amateur and professional athletes and coaches and (d) performing artists and immigrants with extraordinary ability.