Robert Wilson
Registered User
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- 2
It'll be treated as a non resident BTL.
You'll need a minimum 30% deposit.
As far as I'm aware, AIB are the only mainstream bank that will look at this. The rate will be high; expect 4.8% to 5.5%.
share options are worth a couple hundred grand
I have seen people plan on the basis of share options, which turned out to be greatly reduced in value when they were needed.
If he can cash any of the options now, he should do so.
Brendan
Hi Robert,
Any chance your brother has a 401(k) fund with $100,000 in it? If so, his fund can lend him up to 50% of the fund to a max of $50000. He has to pay interest to his fund and will have to repay the loan within a time period of 5 years (possibly extendable to 15 for property purchase.)
And if he has an IRA, he can take $10,000 from it for a property purchase but that would be regarded as income by the IRS and would be taxable.
That would get him a fair bit of the way to his share of the deposit.
What stands out is that your brother does not have savings to contribute towards the deposit despite being on a high salary of $165k. This may be a function of his age or it may be that in relative terms $165k is not that large when considering the cost of living / lifestyle. So if he borrows $70k in the US can he service that debt on current salary?
I would reach out to a broker and AIB to see if it is a starter and then work out the costs from there.
Not really what you are asking for but this does seem risky given there isn't a set date your brother will return from the U.S, a lot of things could change.
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