In this episode, Scott Dillingham explains how Lendly City provides lending solutions for Canadians and foreign buyers looking to invest in U.S. real estate, detailing their comprehensive lending programs and processes.
Key Timestamps:
[0:00] Introduction & Overview
- One-stop shop for residential/commercial lending
- Cross-border lending benefits
- Application process efficiency
[4:30] Commercial Lending Examples
- $4.65M office space deal in Ohio
- Lending terms without U.S. partners
- Strategy for initial commercial purchases
[8:45] Residential Lending Options
- Multi-unit property financing
- Rate buy-down opportunities
- Current market rates and terms
[12:30] Eligibility Requirements
- No U.S. visa needed
- Property-based qualification
- Income verification flexibility
[16:45] Loan Structure Details
- Term and amortization options
- Open/closed mortgage flexibility
- Debt coverage ratio requirements
Key Points:
1. Lending Requirements
- Minimum mortgage amount: $75,000
- Down payments: 25-30%
- Property-based qualification
- No U.S. visa required
2. Loan Features
- 30-40 year terms
- Interest-only options
- Rate buy-down opportunities
- Portfolio lending available
3. Market Considerations
- Hottest markets: Ohio, Florida, Texas
- Property condition requirements
- Location-based rate variations
- Credit score implications
Contact Information:
Book a strategy call
Join the Investors Hub
Important Tips:
- Consider entity setup
- Establish U.S. bank account
- Plan for 60-day fund history
- Evaluate seller credits
- Research market fundamentals
