The New York mortgage market is ultra-competitive, hard to access and highly regulated. We help international private clients navigate the complexity and secure the funding they need either quickly and efficiently.
Although highly regulated, we have several excellent routes to market and established partnerships which allow us to obtain market-leading solutions for our clients.
Our team of international mortgage brokers will look at our entire position to define the correct solution to your requirements then handle the entire process on your behalf.
Non-resident buyers face restrictions that domestic buyers do not, but it's certainly possible for a foreign national to get a mortgage for an investment property in New York.
Not all banks will lend to foreign investors, but for the ones that do, the procedure is similar to what American buyers go through, with some additional hurdles with regard paperwork and documentation,
For an international buyer, a lender would want to see documents of income, your assets and bank statements, and what other properties you may own, including your primary residence."
One main challenge will be a lack of history in the United States, ordinarily a significant factor in getting approved for a mortgage. As a result, some banks may request letters of good standing from financial institutions instead, as well as a track record of mortgage payments.
After this, it will be an individual assessment of how much can be borrowed, the terms and conditions and what loan to value can be achieved.
It's much easier for non-residents to purchase a condo than a co-op because the latter often requires buyers to provide financial information that foreign nationals don't have, like past tax returns. Many co-op boards also prefer that you be a full-time resident rather than an overseas investor.
Condos tend to be way more flexible, so that's likely where you'd want to focus your search. The biggest obstacle of all, though, maybe the same one that troubles New York-based buyers: the deposit – don't expect to achieve a mortgage for much over 60% of the value of the property.
Another part of the market which we have significant experience in is bridging finance in New York. The market here is much more individual, open and individual. We access private individuals, hedge funds and private equity houses, all of which will offer bridging loans secured against New York property.
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