Program offers "extremely smooth process" for investors who want a piece of the US housing market
In response to the growing appetite for real estate, non-QM lender Deephaven is making it easier for property investors, including non-American citizens, to get financing.
Deephaven has streamlined its Foreign National DSCR (debt service coverage ratio) program by eliminating certain documentation and other borrower income qualifying criteria such as W-2s. Instead of these requirements, Deephaven calculates the property’s projected cash flow to determine whether the monthly rental income meets or exceeds the debt service requirements of the loan.
“Speed and efficiency are important to non-US citizens, who often need to complete transactions within a compressed period before traveling back home,” said Mack Walker, senior vice president and director of capital markets at Deephaven. “We are able to offer an extremely smooth process so our partners can meet their borrowers’ timelines.”
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Under the enhanced program, first-time and experienced investors can borrow up to $1.5 million, with a maximum of 75% LTV for purchases and 70% for refis. The money can be used for condominiums, non-warrantable condos, planned unit developments (PUDs), and two- to four-unit multi-families.
Deephaven noted that the Foreign National Program requires 12 months of reserves to be held in a US FDIC-insured bank, and assets for closing must be seasoned in a US depository for at least 30 days before the close.
