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#441360 - 12/03/14 03:16 AM Canadian needing loan to buy 2nd home in California
CARealEstate Offline
Member

Registered: 11/29/14
Posts: 10
Loc: California
Hi Guys,

I'm new to the forum, I scanned for a similar question, but I didn't see it. I have someone in Canada, wanting to buy a 2nd home in Ca to be near family. It will basically be a vacation home. They are looking in the $300K's.

I've asked several lender's and no one seems to have an answer for me. One bank told me they could, but said there is so much paper work and time involved, they'd rather not mess with it!! I guess I appreciate the honesty?

Is there an obvious solution to this, that I am just not finding? Any help would be appreciated. Thanks!

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#441377 - 12/04/14 12:22 AM Re: Canadian needing loan to buy 2nd home in Canh [Re: CARealEstate]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7717
Loc: Vermont's North-East Kingdom
If it's just a house (not agricultural land or industrial property) and it's in the US so they can't abscond with the collateral, have decent credit, and they have 20% to put down, there shouldn't be a problem.
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#441381 - 12/04/14 02:23 AM Re: Canadian needing loan to buy 2nd home in Canh [Re: CARealEstate]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2238
Loc: Outer Banks
It helps tremendously if you can find a canadian bank with a branch in the us, preferably in your state. We did one with td bank? And it wasn't too bad.

make sure you have a flexible closing date because it can get very cumbersome, even the wiring of money was complicated and took a lot of time for the money to make it across the border.

have your buyer start asking banks in canada if they have a us branch.


Edited by Bigtoe (12/04/14 02:25 AM)
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#441383 - 12/04/14 03:58 AM Re: Canadian needing loan to buy 2nd home in California [Re: CARealEstate]
doug Offline

Admin
Veteran Member

Registered: 12/31/69
Posts: 1096
Loc: Canada
In addition to TD Bank there is RBC Bank and BMO Harris Bank operating in the US. If your clients already bank at one of these in Canada - and chances are they do - you should be able to arrange financing.
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