Canadians investing in U.S. real estate often assume the financing process works just like it does at home—but that assumption can lead to costly mistakes. In this episode, Glen Sutherland sits down with cross-border mortgage expert Chris Micucci to break down the biggest lending misconceptions Canadian investors make and explain how U.S. investment financing really works. From DSCR loans and reserve requirements to closing costs, corporate structures, wire transfers, and choosing the right lender, you'll learn the practical lessons that can save you thousands of dollars and prevent deals from falling apart. Whether you're buying your first U.S. rental or expanding your portfolio, this episode will help you avoid the mistakes that catch many Canadian investors off guard. glensutherland.com/lenders The 13 Lending Mistakes Canadians Make: 1. Thinking you qualify based on your personal income Many Canadians assume U.S. lenders care about salary, T4s, tax returns, or employment. For DSCR loans, the property qualifies—not you. 2. Assuming you need perfect personal finances to buy Canadians often believe they need extensive financial documentation. In reality, many U.S. investment loans primarily focus on the property's cash flow and your down payment funds. 3. Believing Canadian mortgage rules apply in the U.S. Many investors expect pre-approvals, qualification rules, and lending policies to work the same way they do in Canada. They don't. 4. Getting pre-approved before finding the property In Canada, you're approved for a dollar amount. In the U.S., you're generally approved for a specific property that cash flows. Many Canadians misunderstand this difference. 5. Buying properties that are too inexpensive Ironically, smaller loan amounts are often harder to finance because many lenders prefer larger loans and higher-value properties. 6. Being surprised by U.S. closing costs Many Canadians experience sticker shock because title fees, lender fees, appraisals, escrow deposits, and other costs are itemized instead of hidden in the mortgage. 7. Waiting until the last minute to transfer money International wire transfers can be delayed by compliance reviews or audits. Waiting until the week of closing can jeopardize the deal—and potentially your earnest money deposit. 8. Waiting too long to set up your U.S. entity and EIN Many investors don't realize that obtaining an EIN can take weeks, especially during busy IRS periods. Waiting can delay financing and closing. 9. Setting up the wrong ownership structure Some Canadian tax structures work well legally but are difficult—or impossible—for many U.S. lenders to finance. Structuring without considering lending requirements can create expensive delays. 10. Not having enough reserve funds Many first-time investors budget only for their down payment. Most lenders also expect to see several months of mortgage reserves in a U.S. bank account. 11. Shopping only by interest rate A lower rate isn't always the better loan. Points, lender fees, closing costs, and how long you plan to hold the property all matter. 12. Comparing different loan products as if they're identical Many investors compare refinance quotes, construction loans, fix-and-flip loans, and purchase loans without realizing they're completely different products. 13. Using lenders who don't understand Canadian investors One of the biggest mistakes is working with lenders who primarily serve Americans. They may quote attractive terms initially, only for underwriting to discover you're Canadian and change the loan shortly before closing
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