The number one questions we always receive when speaking with a new client is “what do I need to provide to get a loan in the US?” Below are listed some basic documents required by lenders who are going to provide the financing to a Canadian Real Estate investor.
Each of the items listed below are documents which will provide a clear financial picture of the borrower and what their intentions are. When working with US Banks these documents are requested almost 99% of the time. The most important thing to remember as a potential investor is to be as upfront and detailed as you can be in order to guarantee success when applying for a home loan, a loan for an apartment complex, or even a loan for a portfolio of homes.
1) Previously filed Two year’s T1 generals
2) Previous Two year’s T4’s
4) Most current months personal asset statements (bank statements, investment accounts)
5) Most current pay stub
6) Two years of US tax returns if you file taxes in the US
7) Property information (taxes, home owners insurance, property management, lease agreements)
8) If purchasing in an entity (i.e. LLC, LLLP, Partnership) all documentation associated with that entity such as bylaws, partnership agreements, articles of incorporation.
10) Drivers license and Passport
These are just a few of the most basic requirements and will vary based on each investors particular scenerio. Remember the more information you provide up front the easier the back end will be when you are ready to close the loan. It is also important to have a knowledgeable and accessible loan officer working for you to help guide you.
Getting a Canadian Real Estate investor a loan is no longer a impossibility but a prove possibility. Refinancing existing US property or purchasing new US property is now a real option.