The Client
A retired Australian citizen living in Sydney inherited a rental property in San Diego from her late brother. Rather than sell the property and lose steady U.S. rental income, she wanted to complete a cash-out refinance to release equity and help fund the expansion of her business back home in Australia.
The challenge was that, as a non-resident with no U.S. credit history, traditional U.S. lenders were unwilling to approve her for a cash-out refinance, despite the property performing well.
The Challenge
Like many foreign nationals who inherit or own U.S. property, our client ran into a common wall: U.S. banks are built around domestic borrowers, and non-resident status alone was enough to trigger automatic declines on a standard cash-out refinance application, regardless of the property’s value or income history.
She needed a lender who could structure a cash-out refinance around the strength of the asset itself, not her residency or U.S. credit profile.
How We Helped
America Mortgages stepped in with our Equity Unlock program, designed specifically to make a cash-out refinance accessible to foreign national property owners. Rather than underwriting based on personal income or U.S. credit, our team structured a 60% LTV cash-out refinance based on the property’s current rental income and market value.
This gave our client access to $588,000 in equity, funds she used to supplement her retirement lifestyle and expand her business in Australia, all while keeping the San Diego rental property generating income.
Why a Cash-Out Refinance Made Sense
For foreign national property owners sitting on equity in U.S. real estate, a cash-out refinance offers a way to access capital without selling the asset or losing rental income. In this case, the cash-out refinance allowed our client to unlock funds for a completely different purpose (business growth abroad) while keeping her U.S. investment property intact and income-generating.
The Outcome
The cash-out refinance closed smoothly with a 30-year fixed-rate loan, giving our client long-term payment stability while she used the released equity abroad. She retained full ownership of the San Diego rental property, which continues to generate income even from thousands of miles away.
Loan Details
| Nationality | Property Value | Loan Amount | LTV | Rate |
|---|---|---|---|---|
| Australian | $980,000 | $588,000 | 60% | 7.99% |
| Term | Address | Property Type | Purpose | Loan Type |
|---|---|---|---|---|
| 30-Year Fixed | San Diego, CA | Single Family Home | Cash-Out Refinance | Residential |
Frequently Asked Questions
Can a foreign national do a cash-out refinance on U.S. property?
Yes. America Mortgages’ Equity Unlock program allows foreign nationals to complete a cash-out refinance based on the property’s rental income and market value, without requiring U.S. credit history.
How much equity can a foreign national release with a cash-out refinance?
In this case, the client accessed 60% LTV through a cash-out refinance, releasing $588,000 in equity from a $980,000 property. LTV limits vary depending on the property, location, and loan program.
Do I need U.S. income or credit to qualify for a cash-out refinance as a foreign national?
No. A cash-out refinance through the Equity Unlock program qualifies borrowers based on the property’s rental income and value, not personal U.S. income or credit history.
Can I use funds from a cash-out refinance outside the United States?
Yes. Funds from a U.S. cash-out refinance can be used for any purpose, including business expansion, retirement support, or other investments outside the U.S.
