Milo, a venture backed fintech that provides direct lending mortgage solutions for foreign nationals, has announced a new broker channel for wholesale mortgage partners throughout the United States.
With a complete, online lending solution, Milo brings more than 50 years of mortgage and loan team processing experience to non-U.S. citizens. The Milo lending process is completely transparent and requires much less documentation than a conventional mortgage. New purchase, refinance, and cash-out loan options are all available to foreign national investors with competitive rates that rival a traditional bank.
As a direct lender, Milo is able to provide fast closings that are guaranteed through dependable capital. For mortgage brokers, this specific solution has been difficult to obtain for clients due primarily to paperwork limitations. Typical hard money lending choices often land at much higher interest rates, but Milo is able to grant direct lending flexibility at bank rates, backed by an experienced team that specializes in home loans for international buyers.
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“Milo was created to fill a need, which originated in a very personal space,” said Josip Rupena, CEO of Milo. “Traditionally, foreign nationals have not been able to access mortgage offerings due to constraints conforming to US borrower requirements. We provide a unique lending solution and remove the obstacles that typically require non-U.S. citizens to pay with cash or accept high interest rates.”
Through the new broker channel, Milo wholesale mortgage partners will be able to provide online lending solutions to their international clients allowing them to close a loan without having to be in the US, providing the level of customer service that is expected in today’s competitive climate.
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“Our goal is to give mortgage brokers, specifically those who service foreign nationals, a dedicated foreign national lender that gives them more ways of saying yes,” added Rupena. “Through this collaboration, wholesale mortgage partners will be able to close home loans in a matter of weeks, instead of months, backed by a team of professionals that know their clientele well.”
Milo is currently seeking partnerships with mortgage brokers who service foreign nationals and international borrowers.
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