US Real Estate Financing for Canadians

[rb]

Does anyone know anyway for Canadians to get financing for residential US real estate? Is it easier to get financing if the properties are held under certain structure such as a US based LLC? It seems like no US banks want to do it under any circumstances.

[TBW]

Have had similar questions myself. Is it easy to get a portfolio type mortgage financing if you buy more than one property? I can see US banks not wanting to bother with just one house/non-recurring client. I recall that TD used to provide US mortgages but it really had to be a house in their US footprint. The mortgage was not usa style either think more like Cad 5yr style if I recall correctly.

[rb]

Yes I'm also interested in portfolio types as well. I'm looking to start with 1 or 2 properties to test the market but it it works the sweetspot would be around 20 properties. The Canadian banks do have a product but it's aimed more towards snowbirds. Basically using equity in your home in Canada to guarantee the US loan. Not very practical when you're looking to buy 20 places.

[Aberhound]

In 2009 I saw Royal Bank issue a bank guarantee in Canada based on Canadian real estate and then Royal bank USA used that Canadian Royal Bank guarantee for security for the loan issued in the US. Royal Bank USA has since been sold but maybe TD or BMO might do the same?

[wisdom]

I believe BMO Harris does provide Canadians financing for US real estate - up to 70% of the value.

 

Maybe TD does too, but I am not sure about them.

[rb]

TD does provide financing but the rates are usurious. BMO and RBC do have a product but it's based on Canadian equity plus maintenance of a large balance in a bank account at their institution. So those are no go.

 

I'm more interested if anyone knows of a product or solution offered by an American lender.