Service includes mortgages and remote appraisals
Foreign real estate investors can now secure mortgages and purchase properties in the United States through a recently launched platform, Waltz Inc.
The platform aims to eliminate the complexities often faced by foreign investors, enabling them to complete a US property purchase entirely remotely within 30 days.
Investors can find properties through real estate agents, mortgage brokers, or turnkey providers. The platform then handles identity verification, sets up a Limited Liability Company (LLC) with an Employer Identification Number (EIN), and provides a pre-approval letter.
Investors also receive a US digital bank account through Waltz’s banking services providers to manage their investments, complete with competitive currency exchange options. They can also secure mortgages or refinancing with up to 70% loan-to-value (LTV) through Waltz.
The loan approval process is based on the property's return on investment rather than the investor's personal income. The platform also facilitates remote appraisals, inspections, title services, and insurance, making the closing process smoother.
"From my experiences investing globally and in the US, I wanted to make the process for non-citizens as straightforward and simple as possible," Waltz founder and CEO Yuval Golan said in a media release. “Now, investors can just Waltz in, Waltz out, and they immediately start their journey of turning the wealth they built into the future they dream of, while we manage the compliance, legal, banking and regulatory side of the process."
Once the purchase is complete, Waltz connects investors with property management services and tax advisors. The platform also provides tools to monitor property performance.
Waltz is backed by TLV Partners and Aleph, among other investors. The company has raised $24 million through two funding rounds, a seed round in early 2022 and a series A in March. The platform collaborates with Synctera for banking and payment management, Currencycloud for currency exchange, and Regent Bank for creating US-based bank accounts.
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"Waltz fundamentally reshapes the investment experience in residential real estate for foreign nationals," said Tomer Diari, general partner at Aleph and Waltz A round lead investor. "Foreign capital is a major driver for real estate development around the world, but the US is still ill-equipped to deal with foreign investors."
Waltz currently operates in nine states – Alabama, Florida, Georgia, Maryland, Mississippi, North Carolina, Ohio, South Carolina, and Texas – with plans for further expansion.
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