International Investor and Credit ratings - Posted by Freddie
Posted by Freddie on February 12, 2002 at 18:46:12:
I hope somebody out there can help me please. I am a U.K. investor who will be moving to CA in 18 mths time. But before my arrival I wish to invest in a couple of apartment units in west LA, each worth say about $1.2m each (LTV 70%), through a CA corporation.
I wonder which lenders an international person like me should approach? The problem being of course that I have no credit ratings and I don’t think international credit ratings exist or are any good! (of course I never tried myself - don’t know where to start!).
My bank in the UK, the Royal Bank of Scotland, is a 100% British bank. They put me in touch with Bank of America in San Francisco but I later found they only use BoA for correspondent banking and they don’t have any relationship!
I have good references from UK banks and have good credentials so I don’t think I deserve hard money route! With cap rates so bismal in West LA it will not justify financially in any case!
Ideally I will look at the buildings being the only collateral but at 100% first and only charge and servicability being relied only on the net rental income.
There must be bankers out there for my case. If you are one or know where I can go please write to me. I really appreciate your help and thank you in advance.