Yes. Foreign national lending is an established product in Miami. It costs more than a domestic mortgage and it asks for more down, and it almost never funds a preconstruction deposit.
Written for buyers in Bogotá, Mexico City, São Paulo, Buenos Aires, Madrid, Lima and London. The desk works in English, Spanish and Portuguese. All notes from the desk.
Every week someone asks the desk whether a non-resident can borrow against a Miami residence. The answer is yes, and the more useful answer is that the loan arrives at the end of the process, not the beginning, which changes how a preconstruction buyer should plan.
Miami is one of the few U.S. markets where lending to non-residents is a mainstream product rather than an exception. Regional banks, private banks and specialist lenders all write foreign national loans, because the buyer base here has been international for forty years.
The product is a portfolio loan: the bank keeps it on its own books rather than selling it into the U.S. mortgage market, which is why the terms differ from what a domestic buyer sees advertised.
Expect a larger down payment than a U.S. resident would need, commonly in the range of ~30% to ~50% of the purchase price depending on the lender, the building and the borrower. Expect a somewhat higher interest rate than the domestic rate, and expect the bank to ask for reserves, often ~12 months of payments held in a U.S. account.
Terms vary widely between lenders and change with the rate environment, so treat any number as a starting point rather than a quote. The desk maintains relationships with lenders who are active in this space and will make the introduction; we do not arrange loans ourselves.
A passport and a visa or proof of lawful entry, proof of income from your home country (bank statements, tax returns, a letter from an accountant), proof of assets, a U.S. bank account, and reference letters from your home bank. Some lenders want an ITIN, the U.S. tax identification number for non-residents; others do not.
Documentation from Latin American and European banks is routine for Miami lenders. The friction is usually translation and apostille rather than substance.
Your situation is specific. Tell the desk in one message and we will say what applies to you, what does not, and who to speak with.
A preconstruction purchase runs on a deposit schedule: a percentage at contract, more at groundbreaking, more at a later milestone, with the balance at closing. Those deposits are paid over two or three years while the building goes up. No lender finances a deposit on a building that does not exist yet.
So the mortgage, if there is one, funds the balance at closing. The deposits, typically ~30% to ~50% of the price in total across the schedule, come from the buyer's own funds. A foreign buyer planning to finance should plan for the deposits in cash and the closing balance with a loan, and should get a lender's indication early so there is no surprise in year three.
Deposits are paid in U.S. dollars on a fixed schedule. A buyer earning in pesos, reais or pounds is carrying currency exposure between contract and each deposit date. Some buyers move funds to a U.S. account at contract and hold dollars; others convert at each milestone. Neither is right for everyone.
What the desk does is map the developer's deposit schedule against your currency and the timing of moving funds, so each payment is planned rather than scrambled.
A meaningful share of foreign buyers in Miami preconstruction close in cash, and developers sometimes treat cash buyers differently on the availability list. Financing preserves liquidity and can have tax and estate planning advantages that depend on how the residence is held.
This is a decision for you, your banker and your counsel. The desk's role is to make sure the question is asked in year one, not week one of closing.
Your situation is specific. Tell the desk in one message and we will say what applies to you, what does not, and who to speak with.
This note is general information for people considering Miami, written by a real estate desk, not by a law or accounting firm. Nothing here is legal, tax, immigration or investment advice, and it is not a substitute for advice on your own circumstances. Rules change, treaties differ by country, and the right answer for one family is the wrong answer for another.
Speak with your own attorney and CPA before you commit to anything. If you do not have one who works with international buyers in Florida, the desk is glad to recommend an attorney, a CPA or an adviser suited to your situation, and to sit in the first conversation so that nothing is lost in translation.
Structure, financing, currency, timing, the right building and the right line: the desk works through these questions with international buyers every week, and the answer is nearly always that it can be done, in order, without surprises. If Miami is on your mind, as a home or as an allocation, we would be glad to share what we are seeing, privately, and to start with the question this note did not answer.