The online platform streamlines the process, allowing consumers to close US loans from anywhere
Canadians who are looking for new investment homes south of the border can now benefit from a platform designed and operated by digital banking/lending start-up Milo.
Yesterday, Milo announced that it will be providing United States home loans to Canadian citizens who are intending to purchase or refinance investment properties. The fintech’s online platform streamlines the qualification process, allowing consumers to “close a loan from anywhere in the world with fair US interest rates.”
With Canada accounting for the second largest market of foreigners purchasing homes in the United States per data from the National Association of Realtors, “Canada presents a new base of English-speaking customers for Milo’s innovative and technology-driven services,” the company said in its announcement. “Milo expects the country to remain a large player in the space for years to come.”
The fintech added that it has begun hiring in earnest for its US-based team, following its $6 million round of financing earlier this year. This team will be focused on assisting Canadian buyers.
“Many Canadians we encounter have always dreamed of purchasing properties in Florida, Arizona, Texas, and California,” said Josip Rupena, CEO and founder of Milo. “With today’s low interest rates and Milo’s unique digital lending experience, that dream is now closer to reality.”
Milo reported that over the past year, it has processed more than $100 million in loan requests for purchases or cash-out refinance loans.