Foreign national lending is a real and competitive segment in Florida, not a favour anybody is doing you.
This page describes the shape of the market. Terms are individual, they change, and they belong in a conversation with a lender rather than on a page. Contact the desk at Miami Dossier for the current position on any building we cover.
Lending to non resident foreign nationals is a normal part of the Florida market. It is offered by portfolio lenders, private banks, international banks with a United States presence, and specialist brokers who place this business regularly.
It is assessed differently from domestic lending because the borrower has no domestic credit file and income is documented abroad. Lenders substitute other evidence and generally look for a larger deposit.
We do not publish rates, loan to value figures or qualifying ratios. They vary by lender, by profile, by building and by month, and a figure on a page would be wrong for most readers and stale for the rest.
What we will say is that the market is there and that buyers use it routinely.
Portfolio lenders holding loans on their own books, which gives them flexibility to assess an unusual profile on its merits.
Private banks, generally where there is an existing wealth relationship, and often willing to look at the whole picture rather than the property alone.
International banks with a United States arm, which can sometimes carry across the benefit of a relationship you already have at home.
Specialist brokers who place foreign national business as their main activity and know which lender suits which profile, which is frequently the fastest route for a buyer with no existing relationship here.
Appetite differs meaningfully between them, and it also differs by building. A lender comfortable with an established building may be less so with a preconstruction project, and some restrict lending in buildings where they already hold significant exposure.
The deposit. The proportion you are putting in is the primary lever, and more is expected than from a domestic borrower.
Documented income. From your own country, generally with certified translation, and frequently supported by tax filings or an accountant’s confirmation.
Assets and their origin. Overlapping with source of funds diligence and drawing on the same folder.
Banking conduct. Statements over a period, and any existing relationship with the lender or its affiliates.
The property itself. The building, its condition and documents, its insurance position and, in a condominium, the association’s finances. Lenders decline buildings as well as borrowers, which surprises people.
In preconstruction, deposits are typically paid from your own funds against the developer’s schedule. Financing is arranged for the balance due at closing, which may be years after you sign.
That has two consequences. Your deposits should not depend on financing that has not been arranged. And the terms available at delivery are the terms available then, not the terms indicated when you signed, because the market will have moved.
The practical approach is to plan the deposits as cash you are certain of, and to have a considered view on the closing balance while treating any early indication as an indication. A lender who works in preconstruction will tell you plainly which parts of a conversation are firm and which are not.
Engage before you commit rather than after. A preapproval, even a preliminary one, changes what you can move on and how a developer reads your offer.
A specialist broker is usually worth the introduction, because the difference between lenders in this segment is large and not visible from outside.
Have the source of funds and identity folder assembled. It is the same material, and a borrower who produces it on request is assessed faster.
And ask the lender directly about the specific building, early. A borrower approval that meets a building the lender will not lend against is a preventable waste of several weeks.
We introduce buyers to lenders and brokers who handle foreign nationals routinely. We are not a lender or a mortgage broker, we do not arrange finance, and we do not receive a fee for the introduction.
We will not quote you terms, and anybody who quotes firm terms before seeing your file is not doing you a service.
What we will do is tell you what we have seen work, flag where a building may present a lending difficulty, and make sure you are talking to somebody who does this constantly rather than occasionally.
Lenders decline buildings as well as borrowers, and finding that out late costs weeks. Contact the desk at Miami Dossier and we will introduce you to brokers and lenders who place foreign national business as a matter of routine, and tell you where we have seen a specific building create difficulty.
We hold no listings and we are not the developer. Contact the desk at Miami Dossier and we will go through the current position on any building we cover, including the parts a sales gallery would rather skip. Where a question is legal, tax or structuring, we introduce you to advisers who handle that properly rather than answering it ourselves.