Borrowing $ from US Bank to buy a Condo Overseas??

[fish2plus2]

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?

[Thremp]

Yeah, I suppose you could put cash up as collateral... but WTF?

[gull]

You want a condo in Thailand? That's disgusting.

[TheMetetron]

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.

[fish2plus2]

[ QUOTE ]
You want a condo in Thailand? That's disgusting.

[/ QUOTE ]

?

[MatthewRyan]

Why not use the money in your bank account to buy the condo?

[gull]

[ 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.

[maxtower]

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.

[talentdeficit]

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.

[fish2plus2]

what makes you think the $ is in my savings account