Non resident Funding

[jmnes12]

Hi everyone,



I am new to REIN but not new to real estate investing. I am a Canadian living overseas but own a house in Kicking Horse mountain resort, I owe 770k on the house which was recently assessed at 1.2mm. RBC (with whom I have the mortgage) will only lend 65% on their own valuation which basically gives me zero access to potential funds in my home.



I get paid CAD240k per year AFTER taxes (not including bonuses), and I'm having difficulty in finding funding for an lease to own investment. I'm happy to put forward 30k of my own cash but would require about 90k to close. As I am a non resident I am subject to 65% LTV.



Any other non resident investors who know of private lenders or have dealt with this situation before?



Thanks!

 

[Thomas Beyer]

Depending when you bought the home in Kicking Horse it may be worth 25-35% less, as has happened with similar vacation homes in nearby places like Canmore, Fernie, Invermere or Panorama. The best way for you is to buy a house with an assumable mortgage. Money from private lenders is readily available for 10-24% but it is hard to find deals that can carry such expensive debt load . Contact any mortgage broker with very specific property and net worth data and you will find an open door easily. The bigger question is: will you have a suitable deal to fit that expensive debt ?

 

[jmnes12]

Thanks Thomas, I appreciate your help. I'm in contact with a few mortgage brokers now and am trying to find out exactly what my options are. I do have cash in hand and what I may do is structure a couple of lease to own deals but like you said it would be hard to find a deal that would service financing >10%.



The BC tax assessment is just over 1.2mm (though I'm aware that this is only the tax office valuation and not the banks).



What I may do is kick in 30-40k of my own money and see if anything exists.



If you have any other suggestions I'm all ears.



onwards and upwards!