Lennar Homes and RBC Bank have formalized their unofficial agreement to help provide mortgages to Canadians buying homes in Southwest Florida.
Under the preferred lender partnership RBC Bank will provide guidance and mortgages to Canadians who purchase Lennar homes.
RBC Bank, a subsidiary of the Royal Bank of Canada, is a pioneer of cross-border banking that has been working with Lennar Homes for more than six years, Alain Forget, the bank's head of sales and business development, said in a press release.
"We are thrilled to formalize this partnership and continue to be a lead resource for Canadians obtaining a mortgage in Florida or anywhere in the U.S."
The move was driven by growing demand. Between April 2013 and May 2014 Canadians invested nearly $14 billion in the U.S., according to the National Association of Realtors, representing the largest group of foreign homebuyers.
"Each year, snowbirds come to Florida seeking a vacation home to enjoy the winter months and oftentimes to leverage as an investment property," said Fred Moresco, a home sales consultant at Lennar Treviso Bay in Southwest Florida.
The partnership ensures "everyone buying a home from Lennar, including Canadians has an enjoyable and less stressful experience," he added, given that compared to Canada, the U.S. mortgage process is longer and requires additional documentation, fees and credit history.