As another sign of a real estate recovery, Realtors, who specialize in high-end luxury apartments, are telling me that people are buying! But these buyers aren’t Wall Street traders or even Fortune 500 executives. These buyers are foreign nationals.
Europeans, Asians, and Mid-Easterners are taking advantage of the weak US Dollar and are investing in Manhattan real estate. And not just residential properties! New Yorkers are witnessing overseas investors, with their entourage in tow, looking for bargain buildings to grab.
Typical bank guidelines require foreign nationals to be permanent resident aliens with a Green Card or a non-permanent resident alien, holding one of a number of designated Visas. If a foreign national has no social security number, Green Card, or Visa, they’re usually out of luck. But that doesn’t have to be the case.
So guess who can deliver financing for all of those international buyers gobbling up New York’s high-end apartments?
I’ll give you a hint: It’s not one of those “Big Banks.”
Whether you’re a US citizen or a foreign national visiting NYC for the first time, now more than ever, it’s critically important to work with a professional Mortgage Planner. Only a professional Mortgage Planner has the knowledge, skills, and a full menu of lenders, to provide the proper guidance, advice, and the right mortgage product to get the job done right.
Warren Goldberg is a Mortgage Planner, and published author. His interviews include Blog-Talk Radio, Newsday, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.