A “foreign national” loan is a loan used to acquire or refinance a property when conventional financing is not available or will simply take too long to close. A hard money loan is a great fit in the following situations:
1.When you need to close fast (in less than 2 weeks).
2.When the property is not generating any income (not leased).
3.When the property needs renovations.
4.When you don’t have great credit (below 620)
5.When you can’t provide verifiable income (no tax returns available).
6.Foreign National Borrower
At Loan Workout Group, our Foreign National loans close very quickly… even in as little as 5 days! Our hard money loans require no personal income verification and very little documentation!
Prepayment Penalties: None!(3+ months of minimum interest earned)
Eligible Properties for Foreign National Loans
Single Family
Single Family is classified as one to four-unit residential use dwellings including condominium, P.U.D., townhomes, duplex’s, triplex’s, and quadplex’s. At Loan Workout Group, we will lend to real estate investors and entities looking to purchase, refinance, fix & flip, or buy to rent from $75,000+.
Retail
Retail is any property used for commercial retail space such as a storefront for selling goods or services. Loan Workout Group will lend to real estate investors and business owners who are looking for a loan for: purchase, refinance, bridge to stabilization, bridge to sale, or bridge to construction take out from $250,000+.
Multi Family
Multi-family is a classification of housing where multiple units (5+) for residential use are contained within one or more buildings within one community or complex. At Loan Workout Group, we will lend to real estate investors looking to purchase or refinance multi-family properties with loan amounts of $250,000+.
Office
Office is a property classification which generates income from tenants comprised of businesses and professionals. Loan Workout Group will lend to real estate investors and business owners who are looking for a loan for: purchase, refinance, bridge to stabilization, bridge to sale, or bridge to construction take out from $250,000+.
Mixed Use
Mixed-use is a type of development that blends residential and commercial uses into one integrated complex or building. At Loan Workout Group , we will lend to real estate investors in the following scenarios: purchase, refinance, bridge to stabilization, bridge to sale, or bridge to construction take out on mixed use projects with loan amounts from $250,000+.
Hospitality
Loan Workout Group will lend to experienced operators with a flag in the hotel and lodging sector. Loan amounts are $500,000+.
Other eligible properties include: Self storage, senior housing, marinas, parking facilities, automotive Common uses include: Acquisition, refinance, cash-out, renovation / construction