Do You Have Questions? We Have Answers.
SoBankable currently lends in key metropolitan areas in Canada, the United States and Mexico. In Canada, we lend in British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario. In the United States, for ‘personal residential use’ purposes we lend in Arizona, California, Colorado, Florida, Illinois, Pennsylvania, Texas, and Washington. For ‘business purpose use’ purposes, we lend in 36 states. In Mexico we lend in Baja California, Baja California Sur, Colima, Guerrero, Guanajuato, Jalisco, Michoacán, Nayarit, Oaxaca, Quintana Roo, Sinaloa, and Yucatán.
In Canada, SoBankable will accept your mortgage application through its online portal or directly via fax or email. SoBankable underwriting staff will respond to your loan application within 24 hours. Depending on the completeness of your application, you will either receive a request for more information or a conditional offer of mortgage financing. In either case, we will work with you to successfully finalize your mortgage application.
Once your offer of mortgage financing is unconditional, SoBankable will instruct its lawyers to prepare your mortgage documents. Following your execution of those mortgage documents, SoBankable will fund your mortgage. Depending on how long it takes to satisfy any finance preconditions, your entire mortgage process will likely take between 1 to 3 weeks*
Don’t worry, SoBankable will assist you through every step of this process.
* Depending on where your property is located, getting a qualified appraisal can take up to 3 weeks, so please consider that when determining your financing timeline.
In the United States, SoBankable will accept your mortgage application through its online portal or directly via fax or email. SoBankable underwriting staff will respond to your loan application within 24 hours. Depending on the completeness of your application, you will either receive a request for more information or a conditional offer of mortgage financing. In either case, we will work with you to successfully finalize your mortgage application.
Once your offer of mortgage financing is unconditional, SoBankable will instruct its lawyers to prepare your mortgage documents. Following your execution of those mortgage documents, SoBankable will fund your mortgage. Depending on how long it takes to satisfy any finance preconditions, your entire mortgage process will likely take between 3 to 6 weeks*.
Don’t worry, SoBankable will assist you through every step of this process.
* Depending on where your property is located, getting a qualified appraisal can take up to 5 weeks, so please consider that when determining your financing timeline.
In the Meixco, SoBankable will accept your mortgage application through its online portal or directly via fax or email. SoBankable underwriting staff will respond to your loan application within 24 hours. Depending on the completeness of your application, you will either receive a request for more information or a conditional offer of mortgage financing. In either case, we will work with you to successfully finalize your mortgage application.
Once your offer of mortgage financing is unconditional, SoBankable will instruct its lawyers to prepare your mortgage documents. Following your execution of those mortgage documents, SoBankable will fund your mortgage. Depending on how long it takes to satisfy any finance preconditions, your entire mortgage process will likely take between 4 to 7 weeks*.
More specifically, in Mexico if a property is located in the restricted zone a non-resident foreign national has to own their property through a Bank Trust or Fideicomiso. The restricted zone is any land located within 50km (about 30 miles) from the coastline or 100km (about 62 miles) of any of Mexico’s international borders. Property that is financed is held in a Guaranty Bank Trust.
Don’t worry, SoBankable will assist you through every step of this process.
* Depending on where your property is located, getting a qualified appraisal can take up to 4 weeks, so please consider that when determining your financing timeline.
In Canada and the United States, SoBankable offers a variety of residential and commercial mortgage financing. Residentially, we offer fixed Rate term, bridge, fix & flip and ground-up construction, and InversaTerm. Commercially, we offer fixed rate term and bridge.
In Mexico, SoBankable offers fixed term residential mortgage financing.
A Foreign National is a non-citizen who is a resident alien able to live and work in a country where they wish to purchase real estate. Domestic lenders may provide mortgage financing to these resident aliens because they have verifiable income and credit histories.
A Non-Resident Foreign National is a non-citizen or resident alien of the country in which they wish to purchase real estate (i.e. their permanent residence is in another country). Domestic lenders rarely if ever provide mortgage financing to these non-resident aliens, because they have no verifiable domestic income or credit histories.
SoBankable finances single family detached homes; apartment-style condos; townhouses; duplexes; 2-4 unit residential properties; co-ops; condotels; planned unit development (PUDs), and other on a case-by-case basis.
No, SoBankable can rely on the credit rating you have in your home country.
SoBankable is a prime, near prime and non-prime lender. As long as a borrower has adequate real estate security, SoBankable can finance just about any type of credit history.
Whether in Canada, the US or Mexico the time associated with applying for and receiving mortgage funding is not only limited to the availability of the lender to process the mortgage application, but it is constrained by the ability to complete third party due diligence such as, property appraisals, site inspections (if required), income and other related financial verifications. Notwithstanding, in Canada the typical residential mortgage takes between 21 to 45 days to complete.
Whether in Canada, the US or Mexico the time associated with applying for and receiving mortgage funding is not only limited to the availability of the lender to process the mortgage application, but it is constrained by the ability to complete third party due diligence such as, property appraisals, site inspections (if required), income and other related financial verifications. Notwithstanding, in the United States the typical residential mortgage takes between 35 to 60 days to complete.
Whether in Canada, the US or Mexico the time associated with applying for and receiving mortgage funding is not only limited to the availability of the lender to process the mortgage application, but it is constrained by the ability to complete third party due diligence such as, property appraisals, site inspections (if required), income and other related financial verifications. Notwithstanding, in Mexico the typical residential mortgage takes between 25 to 45 days to complete.
Yes, SoBankable will prequalify you for the maximum loan a mount and depending on your available down payment, the maximum loan amount plus down payment will determine the maximum property value we can purchase. Interest rates are subject to change without notice and can only be locked with a formal commitment letter.
You can either call us directly between 8:30 am-5:00 pm MST at 1-844-741-4931 (in North America) or +1-780-702-9231 (outside of North America), fax us at 780-439-9472, or email us at inquires@sobankable.com.
A typical mortgage submission will include a completed loan application, credit report (obtained by SoBankable), proof of income, satisfactory appraisal, copy of an executed Offer To Purchase (if applicable) and other documents as may be required depending on the property’s type and use.
Currently, all loans are processed and underwritten in SoBankable’s Edmonton, Alberta office.
The United States Internal Revenue Service (“IRS”) will issue non-resident foreign nationals earning non-employment income in the United States (i.e. investment income) an “Individual Taxpayer Identification Number” (“ITIN”). An ITIN is a processing number for those who are not eligible to get a United States social security number but need to remit income taxes to the IRS.