U.S. real estate is an attractive investment to buyers both domestic and international, but non-resident foreign nationals often face challenges purchasing property here, even if they have plenty of assets. Traditional banks and mortgage companies often lack the experience and know-how required to facilitate these often complex transactions.
Recently, The Wall Street Journal’s Jumbo Jungle interviewed Insignia Mortgage co-founders Chris Furie and Damon Germanides, who have considerable expertise and success in this particular arena. Tips shared included advice on how to leverage debt to buy residential property in the U.S.
Wall Street Journal: “In California, Insignia Mortgage closed $80 million in purchase and refinance mortgages to foreign nationals over the past 12 months; the backing comes mostly from regional banks, says Insignia partner Damon Germanides. Available programs require a minimum loan amount of $500,000 up to $7 million for three-, five- or seven-year ARMs with current rates starting in the high 2% to high 3% range for the initial fixed-rate period,” Mr. Germanides says.