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Borrowing $ from US Bank to buy a Condo Overseas??
On a message board about Thailand, someone mentioned that they took out a mortgage on a house they already owned in the USA and then used this money to purchase a condominum in Thailand(foriegners cannot take out a mortgage and mortgage terms are particularly crappy even for locals)
I do not currently own a home in USA, but I do have $4X dollars in my bank account. The condominium I want to buy in Thailand costs $X. Do you think it would be possible for me to convince a bank to lend me this money so that I do not have to purchase the condominium in cash? |
Re: Borrowing $ from US Bank to buy a Condo Overseas??
Yeah, I suppose you could put cash up as collateral... but WTF?
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Re: Borrowing $ from US Bank to buy a Condo Overseas??
You want a condo in Thailand? That's disgusting.
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Re: Borrowing $ from US Bank to buy a Condo Overseas??
I've looked into this.
You can't get a mortgage from a US bank for an overseas property without > the value of that property in collateral. I'm not sure if anything but property in the US can be used as collateral, but you are most likely going to have to pay cash. |
Re: Borrowing $ from US Bank to buy a Condo Overseas??
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You want a condo in Thailand? That's disgusting. [/ QUOTE ] ? |
Re: Borrowing $ from US Bank to buy a Condo Overseas??
Why not use the money in your bank account to buy the condo?
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Re: Borrowing $ from US Bank to buy a Condo Overseas??
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[ QUOTE ] You want a condo in Thailand? That's disgusting. [/ QUOTE ] ? [/ QUOTE ] Thailand is notorious for child prostitution. That's the main reason Americans travel there. |
Re: Borrowing $ from US Bank to buy a Condo Overseas??
Don't jump to conclusions. There are lots of people travelling to Thailand who don't bang hookers. My friends are even doing their honeymoon there. Its a cheap place with great beaches. There are going to be tons of people vacationing there.
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Re: Borrowing $ from US Bank to buy a Condo Overseas??
why wouldn't you just pay cash? if it's just sitting in your savings account, it's definitely not outperforming whatever rates you're likely to get on a mortgage on foreign property.
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Re: Borrowing $ from US Bank to buy a Condo Overseas??
what makes you think the $ is in my savings account
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Re: Borrowing $ from US Bank to buy a Condo Overseas??
"That's the main reason Americans travel there."
How did you come to this conclusion? |
Re: Borrowing $ from US Bank to buy a Condo Overseas??
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[ QUOTE ] [ QUOTE ] You want a condo in Thailand? That's disgusting. [/ QUOTE ] ? [/ QUOTE ] Thailand is notorious for child prostitution. That's the main reason Americans travel there. [/ QUOTE ] Keep drinking the kool-aid man. Ignorance is bliss eh? |
Re: Borrowing $ from US Bank to buy a Condo Overseas??
Its better to look for a International Bank like HSBC or Citibank. I was able to use a real state in Brazil as a colateral to a loan in US using BankBoston. Using your local credit US to buy overseas should be easier.You will face a crappy rate as well but if you dont want to be exposed to currency rates that may be the best solution.
A mortgage is a loan using a real state asset as a colateral plus some kind of goverment incentive. Even if you cant enjoy any of the local gov incentive you can use the condo as a colateral and a US$ CD as haircut. Big banks are spending billions to offer worldwide service to their customers but sometimes it seems that things are not going like planned . A produtct like the one you need should be widely available by now. |
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