Call me crazy but I don’t understand why there aren’t any lending programs for Foreign Investors.  Right now in Las Vegas, home prices are at historic lows and it’s drawing the interest of real estate investors from all over the world.  I get numerous emails and phone calls every day from people outside the United States inquiring about Las Vegas Home prices and the process of buying a home in Las Vegas.  Unfortunately, I have to inform them that if they don’t have cash for the entire purchase, they won’t be buying an investment property in Las Vegas.

Doesn’t real estate play an important role in the economy?  I think we all know the answer to that question is an emphatic “Yes”!  So why aren’t there Loan Programs for Foreign Investors?  Many of these large Banks like Wells Fargo and Bank of America could easily create Loan Programs for Foreign Investors that required Foreign Investors to put down at least 30%, open a bank account in the US and anything else they would need to lower their risk.  In most real estate markets like Las Vegas, home prices have pretty much bottomed out thus minimizing the risk for the Banks if the Foreign Investor defaulted, especially if they required 30% down.

Creating loan programs for Foreign Investors will benefit local real estate markets and the economy in several ways.

1. More buyers will enter the local real estate markets absorbing many of the foreclosures that are plaguing neighborhoods.
2. Requiring a minimum of 30% down will generate a large cash infusion for banks, increasing their ability to lend money.
3. It will generate much needed tax revenues for local and state governments.

I am sure we could list numerous reasons as to why there should be loan programs for Foreign Investors but what I want to know is “why aren’t there any loan programs for Foreign Investors.”  What am I missing?

Whether you are purchasing a property in Las Vegas as a vacation home owner or as an investor, you want to do all you can to maximize your purchasing power and lower your costs.  Foreign exchange is an important factor that foreign buyers often forget about when buying abroad, which can cost them more in the long run.  As a Canadian buyer purchasing a property in the U.S. you will at some point need to convert your CAD dollars into US dollars.  As an alternative to going through your bank, you may want to consider working with a wholesale foreign exchange dealer such as Globex Foreign Exchange.  In addition to extremely competitive rates, Globex has currency brokers who can help you keep up to date with currency market news and keep an eye on the market fluctuations, so you can buy at the “right time” instead of at the last minute.

Exchange rates can swing up or down 1 to 3% daily, so timing is especially crucial in a large-scale purchase such as an investment property or vacation home.  A 3% swing in a given day can mean a $3,000.00 CAD difference on your $100,000.00 USD home purchase.  As part of our service, your broker at Globex is able to actively watch the rates for you and contact you when they see the rates moving in your favor.

Globex Foreign Exchange works with you to offer:

Savings – As a wholesale currency dealer, we have access to the live rate free of premiums.  Typically, a bank will charge you 2-5%, or more, on the market exchange rate depending on your currency.  All rates aside, because we watch the rates for you throughout the day we can help you to catch the CAD dollar when it is “spiking” against the US dollar, which means even greater savings.  Globex Foreign exchange makes money through volume, so there are no commission fees or hidden fees for our services.

Security – Globex protects its clients against the unlikely event of fraudulent activity with financial institution bonds and insurance that put clients first.  We work alongside your real estate agent to ensure the secure, timely and efficient transfer of your funds to an account specified by you or directly to your escrow company.  We are also able to work with your escrow officer to let them know when the funds have been sent on your behalf and when to expect them.

Service – Our business grows by referrals and repeat clientele, so we are committed to individualized customer service.  We have dedicated currency brokers who will be directly available to work with you and educate you about the market, so that you are able to make your own knowledgeable decisions—we are not in the business of high-pressure sales.

Globex is one of the world’s leading foreign exchange brokerages with locations across Canada, the United Kingdom, Australia and New Zealand.  We have been in business for over ten years and have our headquarters in Edmonton, Alberta and are proud to be a Canadian company.

If you would like more information or want to compare our rates against your bank’s rates, please feel free to contact Sena & Associates’ contact at Globex Foreign Exchange for more details:

Snow An
Private Client Specialist
Globex Foreign Exchange Corporation
303, 10310 Jasper Avenue
Edmonton, AB T5J 1Y8
Canada
P. 780.423.2217
P. 877.423.2217 (Toll Free)
san@globexfx.com