Scaling PropTech and Building the Future of Real Estate

Episode Overview

Host: Daniel Shaked (Home365)
Guest: Yair Benyamini, Co-founder & CEO of Lendai
Duration: ~66 minutes
Topic: Financing foreign investors in U.S. real estate, dual-sided underwriting (asset + borrower country of origin), online closings & compliance, loan structures (LTV/LTC, reserves), risk buffers, market cycles (rates/treasuries/tariffs), and long-term portfolio strategy

Key Topics Covered

• Why traditional banks block non-U.S. residents and how Lendai underwrites across borders
• Property underwriting: rents, taxes, insurance, PM requirements, and liquidity reserves
• Loan programs & leverage: typical LTVs for foreign nationals vs. locals; pricing bands
• Fully online journey (where permitted): term sheets, appraisal, e-notary, and closing
• Market dynamics: new supply, rent softness, West Coast FL example, and time-in-market
• Risk management: buffers, avoiding over-leverage, vacancy math, and stress testing
• Macro & capital markets: 10-year/Treasury spreads, rate volatility, and securitization
• Diversification & VC/AI outlook: building smarter, more efficient RE + fintech stacks

Complete Detailed Transcript

[00:01] Home365 (Daniel Shaked): Welcome to Real Estate Investing Open Kimono by Home 365… Joining us today is Yair Benyamini, co-founder and CEO of Lendai… thrilled to have you here. :contentReference[oaicite:0]{index=0}

[00:59] Yair Benyamini: Thanks for having me—let’s open the kimono and talk about the real stuff you won’t see on Instagram…

[01:52] Yair Benyamini: We founded Lendai six years ago after hitting a wall: U.S. banks knew the houses—but not us as non-residents. Our bank back home knew us—but not U.S. collateral. We built a platform to let foreign investors finance U.S. real estate like locals, with underwriting on both sides: property income/value/market trends in the U.S., plus the borrower’s income, assets, and history in their country of origin.

[04:20] Home365: How do you actually read credit and banking data abroad?

[04:26] Yair Benyamini: Most countries have solid systems—credit files, bank data, even open banking. You must adapt to culture (e.g., debit-first Australia; truck drivers there are a highly stable cohort) and normalize that into one decision engine.

[06:41] Yair Benyamini: Results speak: hundreds of millions originated, zero defaults to date—good people + good properties, even if they live abroad.

[07:03] Home365: Do you also serve Americans?

[07:09] Yair Benyamini: Yes—about 30% are locals (including newcomers/visa holders); 70% are foreign nationals who often buy sight-unseen.

[07:33] Home365: Why is the U.S. so appealing to non-residents?

[08:12] Yair Benyamini: Lower entry prices vs. many home countries, higher yields, transparent data, English docs, USD stability. “Half the price, double the return,” as some Canadians say.

[10:01] Yair Benyamini: We’re licensed in 43 states, with clients from 30+ countries. Heavy activity from Canada, Europe, and Latin America; most volume in Florida and Texas.

[13:19] Yair Benyamini: Journey: Learn strategy → assemble team (realtor, PM, etc.) → partner refers to Lendai → same-day term sheet → docs & appraisal online → close (remote notary where allowed) → fund.

[16:31] Home365: Fully online—any exceptions?

[16:56] Yair Benyamini: A handful of states (e.g., GA, NY, AL) still don’t permit remote notarization. We facilitate in-person notarization or consular options there.

[19:28] Home365: Typical down payment?

[19:46] Yair Benyamini: As a rule of thumb, foreign nationals get ~5% less leverage than locals (e.g., 75% purchase LTV vs. 80% for U.S. borrowers). Experienced builders/flippers can see higher LTC/LTV similar to locals.

[20:33] Yair Benyamini: Pricing aligns to a ~680–700 FICO equivalent; we can ignore thin/no U.S. file for foreign nationals.

[21:50] Yair Benyamini: Property side: require a qualified PM (or 2+ yrs documented experience), verify market rent/taxes/insurance, and confirm 6–12 months PITIA reserves so borrowers aren’t over-levered.

[26:33] Yair Benyamini: We’ve tightened minimums (e.g., property value & loan size) as we learned. A “no” doesn’t mean the deal is bad—just outside our risk box; a “yes” implies meaningful third-party validation.

[30:10] Home365: Costs are up; HVAC swaps can vaporize years of cash flow. Owners must treat this like a business.

[31:31] Yair Benyamini: Underwriting often surfaces issues owners miss (e.g., undisclosed liens, basement leaks, flood zones, mis-estimated taxes/insurance). Better to correct pre-close than discover later.

[33:53] Yair Benyamini: Example: an off-market 28-unit deal in Florida—flood zone and higher true taxes/insurance cut feasible LTV. Buyer walked when seller wouldn’t drop price—our early check saved a bad buy.

[35:35] Yair Benyamini: We’re a finance company, not a predatory “lend-to-own” shop. Defaults are our failure; incentives are aligned to borrower success.

[42:04] Home365: Stability > rent bumps. Two-year leases can beat one-year + vacancy. One vacant month is ~8% of annual revenue.

[43:28] Yair Benyamini: New-build waves can pressure rents/values (e.g., West Coast FL). Cycles stabilize over time—plan buffers and hold through.

[46:14] Yair Benyamini: Don’t forget taxes: interest/closing/repairs/PM are expenses. Judge by EBITDA/after-tax cash, not top line.

[50:08] Yair Benyamini: We straddle real estate, capital markets, and tech. Volatility across those means we build infrastructure now to be ready for the next cycle.

[52:10] Yair Benyamini: Traditional relationships (Fed funds → 10-year → mortgage rates) have decoupled at times. Treasury demand/risk premia and policy headlines can swing mortgage pricing day-to-day.

[57:10] Yair Benyamini: Advice: Underwrite with today’s numbers. Add a 10–15% buffer. If it works now, it likely works later; if not, pass.

[58:30] Yair Benyamini: AI lowers build costs and team size; it augments core industries (PM, lending, sourcing) rather than replacing fundamentals.

[01:01:59] Yair Benyamini: Stocks vs. real estate: diversify. With RE, your principal is generally more resilient if you buy right. Long term, it’s about staying power.

[01:05:28] Home365 (Daniel Shaked): Thanks, Yair—highly recommend Lendai for cross-border financing. Great having you on the show.

Guest Information

Yair Benyamini is the Co-founder & CEO of Lendai, a cross-border lending platform enabling non-U.S. residents and U.S. newcomers to finance American residential investment properties through dual-market underwriting and a fully digital closing experience.

Episode Keywords

Lendai, foreign national loans, cross-border financing, DSCR loans, underwriting, online closing, remote notary, LTV, reserves, vacancy, flood zones, Florida, Texas, cap rates, Treasury yields, stress testing, diversification, AI in real estate, Daniel Shaked, Yair Benyamini