Best mortgage for a UK investor trying to buy property in the States?

[Creative Source]

Bernie,

contact me on creativeproperty@yahoo.com
I am just in the process of buying a US property myself.

CS

[StarCross]

try Heath Lefort, alternativelendinggroup dot com who is located in New England but is licensed with Fairway Mortgage which has done many non-resident mortgages. My experience with this mortgage broker is that he is a pro.

[berniewall]

Originally Posted by StarCross

try Heath Lefort, alternativelendinggroup dot com who is located in New England but is licensed with Fairway Mortgage which has done many non-resident mortgages. My experience with this mortgage broker is that he is a pro.

Thanks, i'll give it a go...must admit I had jsut about gien up on it.

[Sunnyshores]

Hi there, does anyone know how to get a mortgage on properties under $70k?
Could I put a few houses together to come up with $70k+ and get a portfolio mortgage or commercial mortgage?

[zanis]

There was talk about the UK current recession being the worst in 20 years. Like all countries the best time to buy is when the market is going down so you get instant equity when it goes back up. Property value is in a constant cycle of going up then going down but never a bust.

The recession is mentioned here and here

[Creative Source]

A distintly different situation has arose since I started this thread. The exchange rate is £1=$1.39 !!!!!!

This makes buying in the States a lot harder now, especially as banks are reluctant to loan.

Having said that, for those who bought when £1 = $2 , will be making money simply on currency exchange ( although ) US property values are going down.

[Simes]

Having bought two properties in the U.S at the £1 - $2 mark I was quite fortunate, but being unable to remortgage to buy more has put a dampener on it all, although the rent coming in is much higher due to the pound being weaker...around £400 per month more.

Hopefully, because I have owned these properties for a year now, there may be more opportunities for a UK investor to re-finance and move forward...any ideas anyone?

[Simes]

Didnt think anyone would have any ideas, being that I have tried 3 different sources for finance and to no avail...the only chance is 9.99% over 3 years with a 5% fee for early redemption.

Not a great rate, but perhaps the only way forward.

[Creative Source]

Hi Simes

you may want to try the Bank of America and see what he says. I am paying 6.375% at the moment ( fixed for 25 yrs and repayment) but i want to remortgage for a lower rate. I am not bothered about borrowing more money to purchase another place at the moment.

[samirazar]

I have found one source with several lenders in place as strong as 75% LTV.

I have another source with 80% LTV but they are not proven yet, we wil see.

Call Roger Campagnolo at 23770-7308 he has done a great job for me in the past and please let him know I referred you to himl

Samir Azar