Milo, a venture-backed Fintech company that offers direct lending mortgage solutions for foreign nationals, has unveiled a new broker channel for wholesale mortgage partners throughout the US.
As mentioned in a release:
“With a complete, online lending solution, Milo brings more than 50 years of mortgage and loan team processing experience to non-U.S. citizens. The Milo lending process is completely transparent and requires much less documentation than a conventional mortgage. New purchase, refinance, and cash-out loan options are all available to foreign national investors with competitive rates that rival a traditional bank.”
As a direct lender, Milo can offer fast closings that are guaranteed via “dependable” capital. For mortgage brokers, this particular solution has been challenging to obtain for customers, mainly because of “paperwork limitations.”
Typical hard money lending choices often “land at much higher interest rates, but Milo is able to grant direct lending flexibility at bank rates, backed by an experienced team that specializes in home loans for international buyers,” the announcement revealed.
Josip Rupena, CEO of Milo, said that Milo was created to “fill a need, which originated in a very personal space.”
Rupena added:
“Traditionally, foreign nationals have not been able to access mortgage offerings due to constraints conforming to US borrower requirements. We provide a unique lending solution and remove the obstacles that typically require non-U.S. citizens to pay with cash or accept high interest rates.”
Through the new broker channel, Milo wholesale mortgage partners may offer digital lending solutions to their international clients enabling them to complete a loan without having to be in the US, “providing the level of customer service that is expected in today’s competitive climate.”
Rupena further noted:
“Our goal is to give mortgage brokers, specifically those who service foreign nationals, a dedicated foreign national lender that gives them more ways of saying yes. Through this collaboration, wholesale mortgage partners will be able to close home loans in a matter of weeks, instead of months, backed by a team of professionals that know their clientele well.”
Milo is seeking partnerships with mortgage brokers who service foreign nationals and international borrowers, the announcement noted.
As mentioned in the update, Milo is a Fintech firm “reimagining the way global consumers access financial solutions to ‘Unlock what’s possible’ in a borderless world.”
By building a proprietary technology stack from the ground up and bringing on a world-class team, the company has “enabled foreign nationals to access millions of dollars in US home loans.”
Milo is “passionate about driving digital transformation of financial services, solving real problems, and making a meaningful impact in people’s lives.”