Canadian Financing of Southwest Florida Real Estate Becoming Much Easier

Well established Canadian banks have for some time now, been acquiring a great number of U.S. banks giving way to significant US expansion. Untouched by the mortgage catastrophe, these establishments flourished while large US-based institutions fell-prey to the extended reaches of the subprime debacle.

Before reading on, it will be good to note that (1) In order to obtain financing through these example lenders, Canadians must not only prove Canadian residency but also citizenship and, (2) when considering Florida real estate, try to avoid transacting as an investment as lenders will insist on larger down payments and proof of greater liquid assets. Stick to the 2nd home scenario.

Here are a few examples of Canadian / US banking acquisitions that you may want to consider for your next Southwest Florida purchase;

Bank of Montreal took on Marshall & Ilsley Corp. (Wisconsin) with Harris Bank of Chicago. BMO Harris Bank now has an office in Naples, FL.

TD Bank (Toronto Dominion) acquired a number of failed Florida banks giving way to one of the state’s largest institutions with a majority of its locations on the gulf coast.

The U.S. component of Royal Bank of Canada (RBC), acquired by PNC Financial Services, has many offices throughout Florida including one in Naples.

Desjardins (Caisse Centrale) and Natbank (National Bank of Canada) are others to consider but are located on the southeast coast of Florida.

In all, lending options for Canadians have opened up significantly in the past 5 years or so making it much easier to transact that desired 2nd home of choice through South Bay Realty, Naples Florida.