Foreign Residents In Need of Loans Find Help
Posted: March 12th, 2014 | Author: Chris Jaensch | Filed under: Sarasota Immigrants | Tags: Florida Immigrants, Foreign Residents, Mortgage Products, Nonimmigrants, Permanent Residents, Sabadell Bank, Sarasota Immigrants | No Comments »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@
Leave a Reply