Foreign National Loans New York
Rates Starting at 10%
West Forest Capital provides hard money private loans for foreign nationals, financing real estate investments up to $5 million. We are the fastest hard money lender for foreign nationals. Our document requirements are only related to the property – we understand that foreign nationals may not have US credit history, income, or banking records.
- We are a direct lender, not a broker
- Same day pre-approval
- Funding in 3 – 14 days depending on the property
- We are able to use existing appraisals on a case-by-case basis
- Loan amounts up to $5 million
Property Types
- Multi-family
- Single-family Investment Properties
- Condominiums
- Retail
- Office Buildings
- Industrial & Warehouse
- Hotels & Motels
- Special Purpose & Mixed Use
- Parking Garages & Lots
- Land
Lending Parameters
| Loan Size | $100,000 to $5,000,000 |
| LTC | Up to 80% of purchase price |
| Rehab Funding | 100% |
| LTV | Up to 70% of the ARV |
| Term | Standard is 12 months. 24-36 months is available |
| Lien | First lien; second lien as additional collateral only |
| Interest Rate | 10%–12.5% |
| Points | 1.5–2% of the loan amount |
Cities in Focus
West Forest Capital funds loans for Foreign Nationals in the following cities:
Recently Funded Hard Money Loans
Naples, FL
- Location: Naples, FL
- Original Purchase: $1,950,000
- Rehab Budget: Not Required
- Loan Amount: $1,400,000
- Exit Strategy: Paydown
- Investor Capital: $550,000
- Equity Created: $62,500
- Investor Return on Capital: 11,4%
We made a Florida hard money loan to a client who purchased a three-bedroom, three-bathroom condo in a sought after building in Naples, Florida. Our client’s strategy was to generate returns by using the property for seasonal and short-term Airbnb rentals, which would generate higher ROIs vs. an annual lease. We provided a hard money loan of 71.8% of the purchase price, and our client self-funded light rehab, mostly cosmetic in nature. Our client repaid our loan with a paydown generated from the sale of another property. At the time of paydown, the property experienced appreciation of nearly $63k.
New York, NY
- Location: New York, NY
- Purchase Price: $3,800,000
- Rehab Budget: $200,000
- Loan Amount: $1,100,000 at Closing + $200,000 Rehab = $1,300,000
- Exit Strategy: Sale
- Investor Capital: $3,800,000
- Equity Created: $650,000
- Investor Return on Capital: 17.1%
This New York hard money loan was made to a client who owned an existing building in Manhattan. The building consists of six full floor condominiums, and our loan was collateralized by one of the units. At the time of our loan, there was no existing debt on the building. Our loan consisted of two parts: $1.1m at closing for general renovation and upgrading of the building (including replacing the elevator) and $200k specifically used to rehab the subject property. After the extensive upgrades were completed, the unit was put on the market and sold for $4.6m, an increase of $650k from the original appraisal. Our loan was paid off with a portion of the proceeds from the sale.
Miami, FL
- Location: Miami, FL
- Purchase Price: $750,000
- Rehab Budget: $110,000
- Loan Amount: $543,750 at Closing + $110,000 Rehab = $643,750
- After Repair Value: $1,125,000
- Exit Strategy: Refinance
- Investor Capital: $206,250
- Equity Created: $265,000
- Investor Return on Capital: 128.4%
Our client utilized a hard money loan in Miami, Florida to fix and flip this property in Surfside. We funded 72.5% of the purchase price, and 100% of the $110,000 rehab budget. Our client spent approximately 5 months renovating the house, and thereafter, the property sold within a week of being on the market. The closing took place approximately a month later, and although the loan was only outstanding for 6 months, there was no prepayment penalty assessed. Our loan was paid back with a portion of the proceeds from the sale, netting our client north of $200k after accounting for all holding and closing costs.
Why Use a Hard Money Loan
- If you need funding fast. As non-US Citizen, a typical bank may take months to review your loan application. If you have put down a deposit on a property, you face losing the deposit unless you can get a fast mortgage to close the loan. We can help in these situations by funding within 5 days. In fact, we have previously funded a loan in just 1 day!
- You lack the required documentation. Sometimes, it’s not a question of time, but the difficulty in producing the documents that a US bank requires to fund your mortgage. You may not have an established credit history in the US, a US address, or be able to show US income. The good news is that we do not require a credit history or such documentation for Foreign National real estate investors.
- There is an issue with the property. As a Foreign National, construction funding may be harder to obtain from a bank. If you are considering purchasing an investment property that is not completed or needs rehab, we will be able to help by providing you a hard money loan while the property is stabilized.
- If you would like a US LLC or Corporation to own the property. A traditional bank is likely to require that a Foreign National real estate investor is listed directly on the mortgage. If you prefer to purchase your real estate investment property in a corporate entity such as an LLC, not only do we prefer that as well, we actually require it. A perfect match!
Why Choose a Foreign National Hard Money Loan in New York
New York is the crossroads of the world. This statement is not just a slogan but is reality. There is a tremendous amount of foreign nationals living all throughout New York City – in fact, more than 1/3 of the population of New York City is foreign born. Virtually every country is represented in leisure, business, and political activities. As a result, New York has always been an attractive and stable real estate investment for foreign nationals. The New York real estate market remains resilient in various economic environments, and real estate in the city is coveted throughout the entire world. Investment real estate opportunities span from Soho, Tribeca and Midtown Manhattan, to DUMBO, Brooklyn Heights and Prospect Heights in Brooklyn. In addition, we have seen a rise in foreign national buyers in other areas of New York such as Queens, the Bronx, and Staten Island.
We are a foreign national friendly hard money real estate lender in New York, with a focus on New York City. We know not just the real estate market and mortgage laws and regulations, but also understand how your immigration status may affect a potential mortgage or hard money loan.
Financing your New York Investment Property as a Foreign National
Rather than require an existing credit history and established bank accounts or US-based income, we provide hard money loans based on the purchase price of the property (including 100% of renovation expenses), or the value of the property, if already owned. As a foreign national, you may have financial and immigration reasons to invest in New York real estate. Therefore, we are comfortable making a hard money loan for a variety of scenarios. Our only requirement for foreign nationals looking to purchase New York real estate is that the property has sufficient equity and is owned by your LLC, rather than your personal name. Many of our borrowers prefer to use LLCs anyway for asset protection and anonymity reasons.
Asset-backed Lender Focused on Foreign Nationals
We provide hard money mortgage loans backed by New York real estate to foreign national real estate investors. Although we typically require a 30-40% downpayment on purchase loans, if the borrower is willing to pledge additional collateral, we can finance 100% of the purchase price and rehab amount. On a cash-out refi, we can lend 55-65% LTV. The borrower does not need to have any residency status in the US.
West Forest Capital also offers the longest private money loan available on the market for foreign national investors (3 years). This is a great tool that allows additional time to stabilize the property or set up a residency status, while already owning a New York real estate property.
If you are a foreign national seeking a hard money loan in New York, we encourage you to contact us. Depending on your situation, we may be able to provide you with a preliminary approval during your phone call, and can follow up with a term sheet or commitment letter immediately thereafter.