The new app makes it easier for foreign investors to buy real estate in the United States.
Known as Lendai, this platform is described as the first platform that allows foreigners and non-residents to finance U.S. property through the online mortgage loan approval process.
According to the website, Lendai will support eligible foreign investors and provide them with collateral in a matter of minutes, closing the loan for up to two weeks, including existing investments.
Typically, this has been a frustrating and time-consuming hurdle for foreign buyers, as the time-consuming process creates scenarios in which only foreign investors in the U.S. can buy with cash.
But Lendai makes it easy for all foreign buyers to invest in the U.S., including middle-class investors.
This is radically different from Canada, where Prime Minister Justin Trudeau recently promised foreign homebuyers a two-year ban to address the problem of buying a home in the country if he is re-elected.
Lendai is headquartered in Tel Aviv and has offices in Miami and Toronto.
“While Canada wants to temporarily ban foreign investors, the U.S. wants to go in the opposite direction,” Lendai CEO Yair Benyamini told The Post. “While Chinese investors make up the bulk of Canadian real estate investment in Canada, which could lead to future complications, U.S. investment is dominated by buyers from countries that are not diplomatically complex, such as Canada, the UK, Germany and Israel.”
China, Canada and Mexico are among the top five largest buyers of American homes and apartments on a regular basis, but in a pandemic, these countries ’dollar investments have fallen by 50 percent or more.
However, foreign investment is expected to increase again after President Joe Biden announced the easing of travel restrictions for vaccinated Europeans.
In the last quarter of 2020, foreign investment decreased by only 1% compared to the same quarter of 2019, which exceeded domestic real estate investment, which decreased by 15% compared to the previous year.
According to a recent report in The Post, Manhattan’s luxury waterfront building is home to about 70% of foreign investors, mostly Chinese nationals.
But Lenday says it’s no different than private lenders.
“We need to work on the same legal basis as existing private lenders. The main difference is our full online platform and the property of Triple Digital Underwriting algorithms, ”Benjamin explained. “It allows us to be the first and only our own knowledge to get information from both the U.S. and the borrowing country.”
“It’s a huge market and foreign and domestic buyers have missed a process that has hardly been updated in the last half century,” he added.
The app is a collection of many files obtained by the recently released Pandora Documents – a consortium of international investigative journalists, in which several foreign diplomats and political influencers persuade millions of people to invest in U.S. real estate. shown to be secretly shooting.
It was recently revealed that King Abdullah II bin Al-Hussein of Jordan had secretly spent $ 70 million on neighboring Malibu property through separate shell companies and spent more than $ 106 million on at least 15 homes in the U.S. and UK.
According to Pandora documents, Ecuadorian President Guillermo Lasso is linked to 130 properties in southern Florida, as well as two trusts set up in South Dakota.