Milo, a venture backed fintech that provides direct lending mortgage solutions for foreign nationals, has announced a new broker channel for wholesale mortgage partners throughout the United States.

Milo says it brings more than 50 years of mortgage experience to non-U.S. citizens and offers a transparent process that requires much less documentation than a conventional mortgage.

“Milo was created to fill a need, which originated in a very personal space,” said Josip Rupena, CEO of Milo. “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.”

For mortgage brokers, this specific solution has been difficult to obtain for clients due primarily to paperwork limitations. Typical hard money lending choices often land at much higher interest rates, but Milo says it can bring direct lending flexibility to international buyers at bank rates.

Through the new broker channel, Milo wholesale mortgage partners will be able to provide online lending solutions to their international clients allowing them to close a loan without having to be in the US, the company said.

“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,” added Rupena. “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.”

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