Investment Mortgage

What You Need to Know Before Offering our Mortgage Options

By Milo

September 15, 2021 3 min read

Table of contents
What You Need to Know Before Offering our Mortgage Options

As a financial advisor, it’s a story you likely hear time and time again: foreign nationals struggle with gaining access to financing for US real estate, despite their high net worth. Offering mortgage loans for international clients is a great way to set yourself apart as a trusted financial advisor.

The limitations of the US financial system have ignored this quality market segment and even punished it. Foreign nationals often don’t have social security numbers, have no credit history in the US, and don’t have residency or citizenship in the country. Further, they may be self-employed and even have an offshore income source to report. As a result, these consumers typically can’t qualify for a traditional mortgage loan, which forces them to either purchase with cash or secure a private lending source — often at predatory rates as high as 10 to 15%.

As a financial advisor, what does this mean for you? How can you best help with mortgage loans for international clients? That’s where we come in. Milo’s Financial Services Partnerships allows you to offer your client our all-digital home lending product tailored for the foreign national investor.

To help you get to know us a little better, we thought we’d answer some of the questions we get asked most often.

Who is Milo?

Milo is a direct lender serving foreign national borrowers. We offer loans for clients who want to buy or cash out their US investment properties.Easy, 100% online process with fast close and reliable capital at low rates, often lower than banks or private lenders. Our loans feature competitive terms, and you also get a dedicated team to help along the way.

Do I need to pay to partner with Milo?

The simple answer: no. There are no expenses related to partnering with Milo.

As a financial advisor, what can and can’t you say to your client?

As a financial advisor, you can discuss with your clients the opportunity of getting a home loan or cashing out their equity from an existing property. After the client gives consent, the financial advisor or their team can send the documents to the designated Milo loan consultant.

Once your client has been introduced to Milo and completed the online application, we will present the best option for your client on our platform and a Milo loan consultant will explain all the necessary steps.

Do you need an NMLS license?

No. You don’t need to have a mortgage license to mention Milo to your client. We recommend that you make the introduction and first connection as soon as possible, so that your client gets an accurate loan scenario based on their unique situation, as well as all of the documentation.

How should a financial advisor refer clients?

Once the financial advisor has identified a prospective client, it’s best to direct them to begin an online application on our website. If the client has questions or requires individual attention, please let your business development representative know and provide them with your client’s contact details. Once they get your client set up, they will connect them with a Milo loan consultant who can help.

Can a financial advisor be involved in the process?

A financial advisor can be involved, if the borrower consents. There will be some information that will be required that as the advisor you can provide, such as a bank reference letter or brokerage statements. Milo will be providing updates to the financial advisor throughout the entire mortgage loan application process.

Can a financial advisor provide documents to Milo?

Yes. In fact, this would help move the process along more quickly. The borrower will be required to provide brokerage statements and a reference letter to Milo, which the client can do by uploading them using our secure client dashboard. If the client grants consent, the financial advisor, or their team, can send the documents to the designated Milo loan consultant.

At Milo, we are reimagining finance for global consumers by offering mortgage loans for international clients. We wanted to start with a product that a foreigner who owns US property could finally access. The loan process needed to be quicker, simpler, and all done online. We realized very early on that we could help our customers increase their net worth if they could only access their illiquid assets.

Wondering how Milo can help your clients meet their investment goals? We’d love to tell you more. Let’s talk.

The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.


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