Milo, a venture capital-backed fintech company that provides direct mortgage solutions to foreign nationals, unveiled a new brokerage channel for wholesale mortgage partners across the United States.
As noted in a press release:
“With a comprehensive online lending solution, Milo brings more than 50 years of experience processing mortgages and loans to non-US citizens. The Milo loan process is completely transparent and requires much less documentation than a conventional mortgage. New buy, refinance, and withdrawal loan options are all available to foreign domestic investors with competitive rates that rival those of a traditional bank.
As a direct lender, Milo can offer quick closings guaranteed by “reliable” capital. For mortgage brokers, this particular solution has been difficult for clients to come by, mainly due to “paperwork limitations”.
Typical hard money loan choices “often result in much higher interest rates, but Milo is able to provide direct lending flexibility at bank rates, backed by an experienced team specializing in home loans for international buyers, ”the ad revealed.
Josip rupena, CEO of Milo, said Milo was created “to meet a need, which originates in a very personal space”.
“Traditionally, foreign nationals have not been able to access mortgage offers due to constraints in line with the requirements of US borrowers. We provide a one-stop loan solution and remove the barriers that typically force non-US citizens to pay cash or accept high interest rates.
Through the new brokerage channel, Milo’s wholesale mortgage partners can provide digital lending solutions to their international customers that allow them to close a loan without having to be in the United States, “providing the level of customer service they expect. in today’s competitive climate ”.
Rupena further noted:
“Our goal is to give mortgage brokers, especially those who serve foreign nationals, a dedicated foreign lender that empowers them to say yes. Thanks to this collaboration, wholesale mortgage partners will be able to conclude real estate loans in a few weeks, instead of several months, supported by a team of professionals who know their customers well.
Milo is seeking partnerships with mortgage brokers serving foreign nationals and international borrowers, the announcement notes.
As mentioned in the update, Milo is a Fintech company “reinventing the way consumers around the world access financial solutions to” Unlock what’s possible “in a world without borders. “
By building a proprietary technology stack from scratch and employing a world-class team, the company has “enabled foreign nationals to access millions of dollars in home loans in the United States.”
Milo is “passionate about driving the digital transformation of financial services, solving real problems and making a meaningful impact on people’s lives.”