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Our lenders are giving very favorable terms on mortgage loans that are not the norm anywhere else outside the US. We have long-term, fixed-rate loans instead of short-term and adjustable-rate loans offered by the U.K. and Canada.
Our US lenders give the opportunity to lock in low interest rate for up to 30 years. With amortization schedules we have upwards towards 40 years. Our lenders such as Fanny May or Freddy Mac have known to offer *non-recourse guarantor ship and *interest-only period loans. We are utilizing stabilized asset loans of 1 million or more. Because of our current low-interest rate, leveraging a loan has its advantages.
* A non-recourse loan is defined as a loan where the borrower or guarantors are not personally liable for repaying any outstanding balance on the loan. Non-recourse financing is typically found on longer-term permanent commercial real estate loans placed on a stabilized and performing asset.
* An interest-only loan is a loan in which the borrower pays only the interest for some or all the term, with the principal balance unchanged during the interest-only period.
Our real estate markets for resale are high, our affiliate company Realty Tech has sold houses higher than what they were listed at. We hear this from other real estate offices as well. Even with our inflated market we don’t match the cost of European market.
We seem to have an abundance of property. The more we sell the more we build.
We have eminent domain the right to judicially seize property for any reason. The U.S. is comparatively tolerant in its exercise of eminent domain. Using it mainly for the public good, such as a highway or utility development project, with giving fair compensation for the property seized. Other countries have an eminent domain that is not as tolerant as the U.S.
Building a credit history should start before you apply for a loan. Foreign credit reports are acceptable establish credit cards and bank account will earn you a higher credit score. Your residency status, use of property to be mortgaged, down payment are a few of the concentrations a lender investigates. Proof of income may also be required.
Use of the property should play into your decision on which entity you wish the property to be in, your name, foreign corp., joint venture, real estate trust LLC or limited partnership. What are the dramatic tax consequences if you purchase the property in your name or a business identification? A real estate attorney and accountant provide counsel concerning your options.
Info@flarent.com (For Rental Information)
9:00am to 5:00pm M-F