Posted by Steve (Austin, TX) on September 29, 2004 at 07:16:07:
I’m guessing you’d probably have to deal with a bank that does business in that area - for a US bank, I doubt they would know about the lending laws/restrictions, how to foreclose in a foreign country, price stability, or even how to (or if it’s possible) to record the mortgage against the title. And figuring that out is a lot of expense for a bank for a one-off mortgage. Either the bank spends a bunch of money, or they can treat the loan as unsecured.
Other alternative is look for a bank that does business both here in the US and where you want to purchase, or talk directly to an overseas bank…
financiang real estate overseas - Posted by Javier
Posted by Javier on September 26, 2004 at 19:33:48:
I spent some time vacationing in the Yucatan peninsula earlier this year. I visited a small town an hour south of Cancun, Mexico that seems to be growing and where locals fear it will become the next Cancun…however this place is actually more like an adult relaxation paradise right now. There are a few hotels which are owned by foreigners and a few locals. It seems like local government is working with foreign investors to turn this little town into a hot paradise in the years to come. I wonder if anyone who reads this post may know about funding property acquisition in the Yucatan peninsula with US funds or through financial institutions that have business in Mexico? I appreciate any feedback. Thank you!
Javier, Detroit, MI
Re: financiang real estate overseas - Posted by Chris
Posted by Chris on September 27, 2004 at 09:59:26:
Well, depending on your LTV, say you can come up with >30 and up to 50% cash, who would turn your loan application down?! But if you want a 106% mortgage, forget it. But since the location sounds “cheap”, why not do an all cash deal?