Milo, a Miami-based digital banking and lending startup serving global consumers, is now offering Canadian citizens U.S. home loans to purchase or refinance their U.S. investment properties.
Milo says it provides consumers with “a quicker, simpler, fully online process to qualify, underwrite and close a loan from anywhere in the world with fair U.S. interest rates.” Since last summer, the company says it has processed more than $100 million in loan requests for purchases or cash-out refinance loans.
“Many Canadians we encounter have always dreamed of purchasing properties in Florida, Arizona, Texas and California,” says Josip Rupena, CEO and founder of Milo, in a news release. “With today’s low interest rates and Milo’s unique digital lending experience, that dream is now closer to reality.”
Canada is the second-largest market of foreigners purchasing real estate in the United States, according to the National Association of Realtors. Milo expects the country to remain a large player in the space for years to come, it says.
The company says that on the heels of a $6-million seed round announcement earlier this year, it has begun hiring new personnel for its team in the U.S., which will allow it to serve and support Canadian nationals.
The company says it has enabled foreign nationals to access millions of dollars in U.S. home loans through qualifying, underwriting and closing loans with no bank visit required. For more information visit its website.