Financing Options For Foreign Buyers In Sunny Isles

Are you exploring a condo purchase in Sunny Isles Beach and wondering how financing works if you live abroad? You are not alone. Many international buyers invest here, yet the lending rules, condo reviews, and closing logistics can feel unfamiliar. In this guide, you will see practical options, common requirements, and a clear plan to move forward with confidence. Let’s dive in.

Why Sunny Isles is different

Sunny Isles Beach is a luxury, condo‑dominated market with a large share of international buyers and investors. Many purchases close in cash or through private banks, which shapes lender appetite and program availability. Lenders also look closely at flood and hurricane exposure, insurance costs, and building recertifications, which are common factors on the Miami coastline.

Condo associations play a major role in financing outcomes. After the Surfside tragedy, lenders and insurers increased scrutiny on structural inspections, reserves, and any material repairs. If a building shows financial stress, active litigation, or insurance gaps, some lenders reduce allowable loan‑to‑value or decline the project.

Main financing options

You have several viable pathways as a non‑resident foreign buyer. The best fit depends on your asset profile, desired leverage, and the condo’s eligibility.

Portfolio lenders

Portfolio loans from U.S. banks and mortgage companies keep loans in‑house and set their own rules. Typical LTV for non‑resident foreigners is often 50 to 70 percent, with rates higher than conforming loans. These programs are useful when a building does not meet agency condo standards.

Private banks and wealth managers

If you maintain assets under management, private banks can structure bespoke solutions. Typical LTV ranges 40 to 70 percent, guided by your relationship, collateral, and overall balance sheet. Underwriting may rely more on assets than income, with strict KYC and documentation.

International banks with U.S. branches

Some foreign banks lend in U.S. dollars through their U.S. offices to clients from their home markets. Typical LTV ranges 40 to 70 percent and terms depend on your bank relationship and country of origin.

Jumbo mortgages

National jumbo lenders will consider foreign nationals, though requirements are stricter. Many require 20 to 50 percent down, and it is less common to see LTV above roughly 70 to 80 percent for non‑resident foreigners. Expect more documentation and a stronger overall profile.

Agency and FHA

Agency conventional loans and FHA are generally limited for foreign nationals. These often require U.S. credit history, immigration eligibility, and strict condo approvals that many Sunny Isles luxury buildings do not meet.

Asset‑based and bridge loans

High‑net‑worth buyers sometimes opt for securities‑backed lines of credit or other asset‑based facilities to close quickly without liquidating investments. Bridge loans provide short‑term liquidity, usually at higher cost, while you arrange permanent financing or sell other assets.

Seller financing

Seller financing is possible but rare at the high end. Terms are negotiable and depend on the seller’s goals and risk tolerance.

What lenders require

Plan ahead for more documentation and verification than a typical domestic loan. Providing a clear, translated file early helps maintain momentum.

• Identification and immigration: Valid passport. If applicable, visa or immigration status. ITIN or SSN if available.
• Credit: U.S. credit report if you have one. If not, international credit reports or bank reference letters, plus consistent account statements showing payment history.
• Income and assets: Bank and investment statements, tax returns from your home country if available, employment or business ownership letters, and proof that you can cover payments, reserves, and HOA assessments.
• Source of funds and AML: Clear documentation for down payment and closing funds, such as sale of assets, inheritance, or gifts that meet lender standards.
• Property and condo docs: Association budget, insurance certificate, reserve study, bylaws, meeting minutes, litigation disclosures, and owner‑occupancy data.
• Operational setup: U.S. account for payments may be required. Plan for secure wires and verification calls.

Timing often runs longer for foreign‑national files. Expect 45 to 75 days or more, due to international verifications, translations, wire checks, and condo reviews.

Condo association review

Lenders underwrite both you and the building. Even strong buyers can face reduced LTV or program limits if the project shows risk.

Common red flags

• High investor concentration or low owner occupancy
• Elevated HOA delinquency or low reserve funding
• Active or material litigation
• Large special assessments
• Insurance gaps or high wind and hurricane deductibles
• Major repairs pending or recertification without a clear plan and funding

How to prepare

• Request the association package early, including budget, insurance, reserves, and litigation notes.
• Ask your lender to review the project promptly and confirm any LTV impact.
• Verify recertification timelines, potential assessments, and insurance updates that could affect eligibility.

Deposits, wires, and closing

In Florida, domestic buyers often place 1 to 5 percent as earnest money. In competitive Sunny Isles deals, foreign buyers may see higher or non‑refundable deposit structures, especially in new developments. Title companies accept international wires, but they follow strict identity checks and may hold funds until cleared.

International wire timing and currency conversion can add days. Using a U.S. dollar account or a correspondent bank often speeds clearing and reduces FX risk. Always confirm wiring instructions directly with the title company by phone to avoid fraud.

For financed purchases, lenders require appropriate condo insurance. The master policy structure matters, and you may need an HO‑6 policy to cover contents, improvements, and deductibles. Flood insurance is required when the property lies in a designated flood zone and a federally related mortgage exists.

If you cannot attend closing, a power of attorney can work if it meets Florida standards and is acceptable to the title company and lender. Coordinate this early, since some lenders limit POA use.

Cash alternative strategies

Many international buyers prefer flexibility and speed. These strategies help you compete without rushing asset sales.

• Securities‑backed line of credit: Access liquidity, keep your portfolio invested, and often close quickly. Be mindful of potential margin calls if markets move.
• Asset‑based or private bank lending: Tailored structures that align with your overall balance sheet and banking relationship.
• Offshore or home‑country mortgage: Useful if you prefer currency matching and an existing relationship, while considering cross‑border enforcement and currency risk.
• Bridge or interest‑only short‑term loans: Designed for speed, with higher costs. Best as a temporary solution.

Ownership and tax issues

Financing choices often intersect with ownership structure and tax planning, especially for nonresident buyers.

• ITIN and filing: If you generate U.S. tax obligations, such as rental income, you will need an ITIN. Some lenders request an ITIN during underwriting.
• FIRPTA: While FIRPTA applies to foreign sellers at the time of sale, it is wise to understand future implications as you choose how to hold title.
• Estate exposure: U.S. real property can create estate tax exposure for nonresidents. Some buyers hold through entities or trusts for planning reasons, though certain structures can limit mortgage options or require personal guarantees.
• Mortgage interest: Deductibility varies by status and use. Align your strategy with your tax advisor.

Coordinate early with a U.S. tax attorney, cross‑border estate planner, and Florida closing counsel. The right structure should balance privacy, estate goals, and lending program requirements.

Timeline and prep checklist

Use this checklist to streamline underwriting and avoid delays:

• Identification: Passport and any visa or status documents.
• Contacts: Primary contact, U.S. representative if any, and bank officer details.
• Funds: Recent bank and investment statements, with clear source‑of‑funds documentation and translations as needed.
• Credit: U.S. report if available, plus international credit report or bank reference letters.
• Income: Home‑country tax returns, employment or business ownership letters, and financials if self‑employed.
• Condo package: Budget, reserve study, insurance certificates, meeting minutes, and litigation disclosures.
• Title and entity: Confirm acceptable ownership form with the lender and title. Prepare a Florida‑compliant POA if you will not attend closing.
• Insurance: Obtain HO‑6 and, if applicable, flood quotes early, and collect the building’s master policy.
• Wire plan: Set up U.S. dollar transfer options, account for FX timing, and verify wire instructions by phone with the title company.
• Advisory team: Engage a U.S. tax advisor, estate planner, local attorney, and a lender experienced with foreign nationals.

How we support you

Buying in Sunny Isles should feel seamless. Our approach is practical and discreet, built for cross‑border clients who expect clarity and results. We guide you through building‑level nuances, review timelines, and coordinate details with your chosen lender, attorney, title company, and insurance providers. The goal is simple: position you to secure the right residence with the right financing on your terms.

If you are considering a purchase in Sunny Isles or along the Miami Beach to Bal Harbour corridor, let’s talk about your goals, timing, and structure. For a confidential conversation, connect with Debra Golan.

FAQs

Can foreign nationals get a mortgage for a Sunny Isles condo?

• Yes. Options are narrower than for U.S. citizens, and many buyers use portfolio lenders, private banks, cross‑border programs, or pay cash.

How much down payment do foreign buyers typically need in Sunny Isles?

• It varies, but many programs expect 20 to 50 percent or more, especially for luxury condos or projects with stricter condo eligibility.

What documents do foreign buyers need for Miami‑area condo financing?

• Expect a passport, credit evidence, income and asset statements, source‑of‑funds documentation, and full association documents for the lender’s condo review.

How do condo association rules affect financing in Sunny Isles?

• Lenders review the building’s budget, reserves, insurance, and any litigation. If the project fails a lender’s tests, allowable LTV may drop or certain programs may be unavailable.

What should foreign buyers know about deposits and international wires in Florida?

• Earnest money often ranges from 1 to 5 percent, with higher deposits in competitive or new‑development deals. International wires face identity checks, potential holds, and FX timing.

How long does a foreign‑national mortgage take in Miami‑Dade?

• Plan for 45 to 75 days or more, due to international verifications, translations, AML checks, and detailed condo underwriting.