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PNC to target Canadian Snowbirds in the U.S.

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Guest | 18 Jun 2013, 12:00 PM Agree 0

This move follows PNC’s acquisition of RBC Bank (USA) -- the U.S. retail banking subsidiary of RBC sold for a reported $3.47 billion last March. As a direct result of the buyout, many Canadian clients with a U.S. mortgage through RBC Bank (USA) had their mortgages transferred to a PNC bank.
“Since PNC Bank currently holds many foreign national mortgages transferred in the buyout of RBC Bank (USA), it makes sense for the bank to update their system and allow for new foreign national lending to Canadians,” says Kyle Pearce, founder of Canada Buy South. He also anticipates that Canadian clients will be offered PNC’s everyday banking products, including the PNC Virtual Wallet.
Canadian snowbirds and investors have become the hot target of U.S. financial institutions and lenders in recent years, with BMO recently encouraging its clients to use its U.S. branches to source finance for real estate deals.
Still, Sunil Tulsiani, founder of Private Investment Club, says more U.S. based financial institutions may ease their lending restrictions in the face of increasing investor demand.
“There are so many investors who are waiting for the financing to kick in the USA," he says, "and this will happen. It may take some time, but the financial institutions will eventually loosen up their lending criteria.”
No details of PNC’s new finance program have been made available to date, with Pearse debating whether this offering would change the face of the industry.
“It is hard to say whether this will be a game changer for Canadian real estate investors looking to expand their U.S. real estate portfolios," he tells CREW. "If PNC Bank follows in the footsteps of Royal Bank, then it is possible that Canadians may be limited to financing a single US Investment Property.”
*Check out the September issue of Canadian Real Estate Wealth for an in-depth analysis on how Canadians can source finance from U.S lending institutions.
  • Kyle Pearce | 20 Jun 2013, 06:32 AM Agree 0
    Great article, Grainne!

    If you're interested in finding great US realtors, turn-key investment properties, or financing in the US... pop by our website or give me a call!
  • Connie McGregor | 20 Jun 2013, 08:35 PM Agree 0
    Thanks for your update article on the PNC new mortgage program for Canadian snowbirds.

    Scottsdale continues to be a fabulous market this summer. In fact properties from $500K - $900K we are seeing multiple offers. So best to have your financing in place to submit when you see your dream home!

    FYI- Vancouver my second home for years! How is Stanley Park ...love walking the Stanley Park wall in early evening...and your summer weather today?

    For those folks in need of an awesome Realtor, be sure to contact Connie in Scottsdale on my website -
    www.conniemcgregorrealtor.com

    My best to your successes!

    Connie McGregor
    Russ Lyon Sotheby's International Realty
    connie.mcgregor@russlyon.com
    www.conniemcgregorreator.com
  • Carol | 20 Jun 2013, 10:05 PM Agree 0
    Great article for those wishing to invest here in the US. For Palm Springs area properties which make ideal second home/vacation/investment properties, visit our website: www.ILikePS.com.
  • Julie Gauthier | 21 Jun 2013, 07:36 AM Agree 0
    We are quite happy about this news! We have been investing in US real estate for the past year! If you are looking for US real estate and turn key investment properties, send us an email at info@arbourviewinvestments.com
  • Kyle Pearce | 01 Jul 2013, 07:55 AM Agree 0
    Hi Connie, Carol and Julie!

    Consider becoming a member of the Canada Buy South Network! Always looking for great professionals to join our network of Elite US Realtors for our Canadian Clients!

    www.canadabuysouth.ca/register

    Cheers!

    Kyle
  • Phillip M. Rigsby | 01 Jul 2013, 04:53 PM Agree 0
    This is great news for us in the real estate industry in the Naples,FL. Area. I bank with PNC personally, and was happy to start hearing the rumblings of this a couple of months ago.

    Call us for help with your real estate needs as we have the Naples and southwest Florida areas covered for you!

    Phillip M. Rigsby
    Premiere Plus Realty Co.
    www.NaplesTime.com
    239.494.2563
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