Royal Capital Group offers foreign national financing to international borrowers seeking to invest in the South Florida real estate market. As a both a direct source and intermediary for foreign national financing and mortgages, we are able to offer the following loan programs to international and foreign borrower clients alike:
The following represents our direct loan program funded by our private investors for both foreign nationals and US citizens alike:
| Foreign National Commercial and Residential Guidelines |
|
|---|---|
| Lending Territories | Preferred in Colorado, Georgia, Tennessee, Texas, Washington, Virginia, Florida, Illinois, Ohio, Michigan, Missouri, Pennsylvania, and S Carolina . |
| Loan Amounts | $75,000 – $2,000,000 |
| Occupancy Types | Investment Property Only |
| Property Types | Single Family Residence, Condo (Warrantable and Non Warrantable), Townhome, Luxury homes |
| Loan to Value | Maximum 75% for domestic borrowers, 60% for foreign nationals |
| Rates | Ranging between 6.5% – 9.5% |
| Loan Terms | 3/1 and 5/1 Arm options both with 30 year amortizations |
| Document Req | No income verification (neither personal or rental). |
As an alternative to the RCG foreigner loan program, we are also able to offer international mortgage financing services for foriegn national investors through our exclusive capital relationships. These alternative solutions include terms of financing that may provide a better financing solution to our direct lending program. Highlights of this loan product include:
General Parameters
| Loan Programs | Lending Locations | Max LTV | Occupancy Allowed | Loan Amounts | Loan programs | Condo Req. | Amort |
|---|---|---|---|---|---|---|---|
| Program A | South Florida only (Miami Dade, Broward & Palm Beach Counties) | 70% on Single Family Residence 65% on Condominiums (LTV limitations based on loan amount as well) | O/O, 2nd Hm, Investor | Min $100K -Maximum $5M | 5/1, 7/1, 10/1 ARM's 15 year and 30 year fixed | Ask about condo guidelines | 30 years |
| Program B | Entire State of Florida | 60% on Single family Residences, Townhomes and CondoHotels. (LTV may very with loan size) | Vacation Home and Investor property | Min $300K - Max $10M | 5/1, 7/1 & 10/1 ARMs (Interest only available too) | New construction allowed, ask for condo requirements | 30 yrs |
| Program C | Florida – Miami-Dade, Broward, West Palm Beach & Monroe counties | 70% on Single family and 65% on Condo | Vacation Home and Investor property | Min $75K- Max $750K | 3/1 & 5/1 Arm’s | FNMA and/or similiar type buildings | 30yrs |
| Program D | South Florida (Tricounty Area) | 60% for 2nd Hm and 50% for NOO | O/O, 2nd Hm, Investor | Min $75K – Max $3M | 3/1, 5/1 ARM – 15 yrs Terms | Case by Case | 25yrs |
Royal Capital Group also offers its foreign investors access to preferred exchange (FX) rates. Currency exchange may not be the first thing on your list. It can be equally as important as the purchase price though, as the exchange rate has a direct and noticeable impact on your bank balance if you are buying a home, a vehicle or paying for any kind of service in a foreign currency, Royal Capital Group is available to help. We facilitate this through our affiliate relationship with ‘The Money Corp’ who work major UK Banks and offer competitive exchange rates, free transfers and no minimum trade size.
Simply click the link and easy to follow steps are ahead: http://www.moneycorp.com/affiliates/microsite/index.cfm?agentid=10170559.
Program A
GUIDELINES FOR FOREIGN NATIONAL LOAN PROGRAM A:
Loan amount: Minimum – $200,000 USD
No Maximum loan amount
Loan to Value 50% – Florida
60% – Califonia, New York, Colorado, Neveda, Connecticut
Loan term Quarterly adjustable term
Interest Rates Call or Email us for today’s Interest Rates at info@royalcapitalgroup.com
Occupancy 2nd home, Vacation home, Investment property, property to let, real estate investment
Amortization Determined by teh difference of current age and maximum of 70 years old.
Adjustment Increase of .25% if closing in a corporate name
LOAN DOCUMENT REQUIREMENTS:
(A) FOR APPLICANTS WHO ARE SALARIED EMPLOYEES / PROFESSIONALS:
1. Completed and signed application form – (I will complete based on submitted 1003)
Copies of –
2. Passport – (photo and signature pages)
3. Latest 2 years tax assessments (issued by Inland Revenue) and/or pay slips.
4. Employment contract or letter from employer giving details on current salary,
allowances, bonus, etc.
5. Latest month’s bank (deposit/investments) statements of principal accounts.
6. Tenancy agreements or rental statements or bank statements for the all properties
enjoying rental income. – If applicable
7. Website address of employer.
8. *Details of property to be purchased e.g. booking form, sales & purchase agreement.
9. *Latest mortgage statement from current lender showing repayment record and
current loan outstanding. – For refinancing cases.
(B) FOR APPLICANTS WHO ARE SELF-EMPLOYED/ ENTREPRENEURS/
BUSINESSMEN (with Shares in Significant Company)
1. Completed and signed application form
Copies of –
2. Passport – (photo and signature pages)
3. Latest 2 years personal tax assessments.
6 Bank statements in lieu of personal returns (if they do not exist in country of origin) that reflect the income deposits.
Yr to Date profit and Loss statement
4. Audited business accounts for the last 2 years.
5. Latest month’s bank (deposit/investments) statements of principal accounts.
6. Tenancy agreements or rental statements or bank statements for the all properties
enjoying rental income
7. Profile / Brochure / Website of employer giving information of what the company does,
history, number of staff (local office/international), major clients/projects, etc.
8. *Details of property to be purchased e.g. booking form, sales & purchase agreement.
9. *Latest mortgage statement from current lender showing repayment record and current
loan outstanding for refinancing cases.
(C) FOR CLIENTS WHO ARE BORROWING IN THE NAME OF A COMPANY
In addition to documents required under (A/B) above, we need certified true copies of –
1. Memorandum & Articles of Association
2. Business Registration/Certificate of Incorporation
3. Register of Shareholders and Directors
Documents required before loan drawdown:
– Latest utility bill to verify home address.
– *Existing tenancy agreement & fire insurance policy for property to be refinanced.
Program B
Loan purpose: Purchase or Refinance
Loan amount: Minimum – $75,000 USD
Maximum loan amount – $750,000 USD
Loan to Value: Maximum 50%
Property Types: Single Family Residence, Condominium, Town home, 2-family, 3-family, 4-family
Lending Area: Florida only (Miami-Dade county, Broward County and West Palm beach county)
Loan terms available: 3 & 5 yr Arms
Interest Rates: Call or Email us for today’s Interest Rates at info@royalcapitalgroup.com
Occupancy 2nd home, Vacation home, Investment property, property to let, real estate investment
Amortization: 30 years
FOR APPLICANTS WHO ARE SELF-EMPLOYED, ENTREPRENEURS or BUSINESSMEN (with Significant Shares in Company) and/or SALARIED:
2 months banks statements from source account – Verification of 6 months reserves + 3 months income (Must be in US account prior to closing)
CPA letter declaring 2 previous years income + yr to date income
Appraisal to be order by bank – Must submit loan package with appraisal fee of $400
Foreign nationals require 3 credit reference letters (1 must be from banking) – all reference letters should refer to a minimum of 24 months history.
– A letter of reference from US or country of origin financial institution; dated, on bank or company letterhead, address and contact information as well as full name and telephone of issuing person, signed.
– 2 x Credit reference letters from country of origin; dated and on bank or company letterhead, address and contact information as well as full name and telephone of issuing person, signed.
– Alternatively; a foreign factual credit report is acceptable with equal tradelines and history
3 months credit card statements
Other loan qualification parameters:
Max DTI = 42%
Index is the 1 year LIBOR
Margin is 3.50%
Corporate title not allowed
Copy of passport + 1 other gov. issued ID
Max investment properties allowed = 5
No power of attorney allowed
Condos to be reviewed before final approval – New construction – 40% of units must be sold and closed (must complete questionnaire)
Documents can be delivered to Royal Capital Group via fax or e-mail. Please do not hesitate to contact us with any additional questions.
Fax: 888 748 2719 or Email: info@royalcapitalgroup.com
Program C
Property Types
- – Single Family and Condominium (Condo reduce LTV by 5%) –
Occupancy
- – 2nd Home, vacation home, home-to-let or Investment property
Loan Amounts
- – $200,000 to $5M
Loan Purpose
- – Purchase & R/T, Cash out refinance – OK!
Loan to Values
- – (LTV)
- – 70% LTV (purchase) –
- – 50% LTV for cash out loan requests
- * New construction condominiums or Town homes have a maximum LTV of 65%
DOCUMENTATION REQUIREMENTS:
1. 1003 application
2. Income and Employment
– Self Employed
I. CPA/Accountant letter verifying income for the last 2 years + yr to date
– Salaried
I. Letter from Employer or most recent pay stub
3. Credit –
– 1 letter of reference from banking or financial institution showing at least 24 months relationship and status of relationship
– International Credit report required by foreign borrower orignating from – United Kingdom, Ireland, Canada
4. Purchase Sales contract
5. Reserve requirements are 24 months of principal, interest payments and property taxes and insurance ( HOA if applicable)
6. Mortgage verification (if applicable) – including statements for other owned properties
7. Copy of leases for all rental & income producing properties.
8. Copy of passport
OTHER INTERNATIONAL LOAN QUALIFICATION PARAMETERS:
Backend qualifying ratio cannot exceed 40%
Max seller contribution allowed is 6%
New condominiums must be 50% closed
Corporate Title acceptable (shell corps ineligible)
No Escrow Waivers allowed
Financing Available in Miami-Dade, Broward, Palm beach and Monroe Counties and Naples, Marco Island, Bonita Springs, Bonita Island, Stuart, Jupiter Island & Vero Beach
All loan must establish an ACH auto debit account with the bank
Prepayment penalties are:
– 3% – Yr 1,
– 2% – Yr 2,
– 1% – Yr 3
Cash to close and reserves must be in a US bank
No CLTV allowed
Maximum Broker & Lender Fee paid cannot exceed 5%.
click HERE To return to main Foreign national page to review other international loan program options
