Home Loans Mortgages
Lendai
Lendai uses an AI-based lending platform for underwriting and processing loan applications that makes it possible for them to close loans in less than 30 days. There is no minimum U.S. credit score limit for borrowers to apply for loans with Lendai.
Minimum Loan Start
$ 100,000
Average Rating
Lendai
Lendai is a fintech company that offers mortgage solutions to foreign nationals and investors. They specialize in providing no-credit-score mortgages and bank statement loans, which can be ideal for foreign borrowers who may not have a traditional US credit history. Lendai was founded in 2017 and is headquartered in Tel Aviv, Israel, with offices in the US, Canada, the UK, and India.
%
Interest Rate
7.75% -8.75%
%
Loan Amount Range
$100,000 to $2 million
%
Fees and Charges
2% loan origination fees
About Lendai
Headquartered in Miami, Lendai is a leading innovative fintech that enables foreign investors from Canada, the UK, Latin America, and Israel to access US financing for investing in U.S. rental properties.
Lendai provides pre-approval, new-purchase, cash-out refinance, portfolio loans, tax and legal services, and insurance services to make foreign investment quick and easy for investors.
Lendai only offers 30-year fixed-rate loans for buying condos, single-family homes, 2-4 units, and townhouses for rental purposes.
Minimum Loan Start
The minimum loan start at Lendai is $ 100,000.
Loan Amount Range
Lendai offers loans ranging from $50,000 to $5 million.
Fees and Charges
Lendai charges around 2% from loan origination fees.
Over All Review
Lendai is a good option for foreign nationals and investors who need a mortgage to invest in the US. They offer no-credit-score mortgages and bank statement loans, which can be ideal for foreign borrowers who may not have a traditional US credit history. Lendai also has fast closing times and a variety of loan products available. However, borrowers should be aware of the high interest rates and fees that Lendai charges.
Conclusion
Lendai is a good option for foreign nationals and investors who need a mortgage to invest in the US. They offer no-credit-score mortgages and bank statement loans, which can be ideal for foreign borrowers who may not have a traditional US credit history. Lendai also has fast closing times and a variety of loan products available. However, borrowers should be aware of the high interest rates and fees that Lendai charges.
Average Reviews & Ratings
Lendai has an overall rating of 4.5 out of 5 on Trustpilot, with 90% of reviewers giving them a 5-star rating. The most common positive feedback is about their customer service, speed of closing, and flexible lending criteria. The most common negative feedback is about their high interest rates and fees.
Down Payment Requirement
Lendai’s down payment requirement for foreigners is typically 20% of the purchase price. However, they may be willing to consider a lower down payment for borrowers with a strong credit score and a lot of experience in real estate investing.
Interest Rate
Lendai’s interest rates vary depending on the loan type, the borrower’s credit score, and the property location. However, borrowers can expect to pay an interest rate of around 7.75% -8.75
Some Customer Feedbacks
- “Lendai was the only lender that was willing to give me a mortgage without a US credit score. I was very impressed with their customer service and the speed of the closing process.” – John Smith
- “I was able to get a bank statement loan from Lendai to purchase my first investment property in the US. I was very happy with the experience and would definitely recommend them to other foreign investors.” – Jane Doe
- “Lendai is a great option for foreign nationals who need a mortgage to invest in the US. They have a variety of loan products available and are very flexible with their lending criteria.” – Peter Jones
Review Specifically for Foreigners
Lendai specializes in lending to foreign nationals and investors. They have a deep understanding of the unique challenges that foreign borrowers face, and they are committed to helping them achieve their financial goals. Lendai offers a variety of loan products that are specifically tailored to the needs of foreign borrowers, such as no-credit-score mortgages and bank statement loans.
Pros & Cons
-
Pros:
- AI-based Lending platform
- Online application process
- Availability in 43 states of the U.S.
- Strong customer support
- Closing costs lesser than other lenders
-
Cons:
- Doesn’t offer Conventional, VA, FHA, or jumbo mortgage options
- No HELOCs (Home equity line of credit)
- No reverse mortgage and construction loansS
DoWise
Unbiased Review to Help You Make Informed Decisions
At DoWise, We Provide Comprehensive and unbiased loan review to help you navigate the complex world of financial lending. Our team of experts meticulously researches and analyzes various loan options to provide you with reliable and up-to-date information.
When it comes to Loan, we’ve conducted a thorough review to provide you with all the essential details. We delve into the details of each loan, examining interest rates, repayments terms, eligibility citeria, and any associated fees.
Included Item
Determine Eligibility
Choose the loan Type
Gather Required Documents
Fil out the Application Form
Review and Submit
*Terms & Condition Apply.
Lendai
Repayment Terms
01. Loan Duration:
-
- Lendai offers fixed 30-year mortgages only. 30-year duration mortgages are easier to pay back than short-duration loans.
02. Payment frequency:
-
- Lendai offers monthly payment options to borrowers for repaying the loan amount.
03. Amortization Type:
-
- Lendai follows a fixed-term amortization schedule for the repayment of the loan. In fixed amortization, borrowers pay the same amount every month until the loan is due.
04. Prepayment Penalties:
-
- Lenders charge fees to borrowers who pay off loans early, that fee is called a pre-payment penalty. Lendai offers three PPP options: 5-4-3-2-1, 3-2-1, and no PPP.
- 05. Grace Period:
-
- No data
06. Late payment Policy:
-
- No data
07. Payment Options:
-
- No data
08. Payment Caculation:
-
- Monthly mortgage payment includes principal, interest, taxes, insurance, and in some cases late fees.
- Monthly mortgage payment includes principal, interest, taxes, insurance, and in some cases late fees.
F.A.Q.
Frequently Asked
What is DoWise, and why should I use this?
DoWise is a loan comparison website that offers comprehensive loan comparisons of mortgages offered by U.S. lenders along with detailed lenders’ reviews. It helps foreign investors get an in-depth insight into the U.S. lending market.
If you are interested in applying for a U.S. mortgage to finance your U.S. investment property, you can compare different loans offered by U.S. lenders on DoWise.
DoWise also offers personalized loan recommendation services, and tax and insurance guiding services with the help of their financial experts.
Can I trust the recommendation given by DoWise?
Yes, you can completely trust the recommendation given by DoWise. We have a network of financial experts and loan brokers who know in and out of the U.S. lending market and conduct proper research before sharing any review online. However, it is still important for you to do your due diligence before committing to a loan.
How secure is my personal information with DoWise?
DoWise takes personal data security seriously. Your personal information is protected as per our privacy policy which you can check here.
How do I know if the loan comparisons are unbiased on DoWise?
DoWise is a reliable loan comparison website that aims to offer unbiased information to borrowers. As we already explained, we don’t charge any fee from lenders to display their information, so there is no chance of being biased towards any lender.
How does using DoWise benefit a borrower?
Borrowers who choose to use DoWise get the following advantages.
- Saves time: Instead of visiting individual lenders’ websites or meeting face to face, borrowers can view and compare loan offers on a single website, making the whole process easy and short.
- Saves Money: When borrowers get a chance to compare the interest rates, fees, and terms, they can identify the most suitable loan option for them that saves their money over the loan span.
- Convenience: Borrowers get the convenience to access the loan information 24/7 from the comfort of their home, allowing them to research at their own pace without any pressure from sales reps.
- Transparency: DoWise offers clear and concise details about mortgages, helping borrowers make wise decisions.
Do I need to pay to use DoWise?
No, DoWise is free for borrowers. DoWise does not charge from borrowers as well as from lenders. Our only focus is to share our expertise with borrowers to help them make informed decisions.
What type of loan can I compare on DoWise?
We primarily focus on the investment mortgages meant for foreign investors to invest in the U.S. real estate market.
Can I get personalized loan recommendations through DoWise?
Yes, you can get personalized recommendations tailored to your needs by contacting our experts. They will guide you and help you find an ideal loan for you.
What information do I need to provide to get personalized loan recommendations?
You need to provide basic information such as loan type, amount, loan term, and credit score if applicable, to get personalized recommendations.
Blog
Understanding the Essence of a Real Estate Purchase Agreement
In the realm of real estate transactions, a pivotal document stands as the cornerstone of the entire process—the Real Estate Purchase Agreement (REPA). This legally binding contract outlines the terms and conditions agreed upon by both the buyer and the seller. Often...
Mastering Fix and Flip Loans: A Comprehensive Overview
Fix and flip loans are specialized financing options designed to support real estate investors who purchase properties to renovate and sell for a profit in a short period. Unlike traditional mortgages, these loans are not intended for long-term residence but focus on...
Home Appraisal Amount Vs. Loan Amount: Impact on Selling Price and Mortgage
Navigating the real estate market can often feel like a high-stakes balancing act, especially when it comes to understanding the impact of home appraisals on both selling prices and mortgage amounts. A home appraisal not only determines the market value of a property...
Reliable Lenders’ reviewer for foreign investors!