International STR Lender's

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Mike LambertPro Member
Investor · The Americas and Europe · Member since 2016 · 1k+ posts · 1k+ votes
11mo
Quote from @Andrew Steffens:
Quote from @Mike Lambert:

@Andrew Steffens

No lender is going to take a mortgage on an overseas property because they don’t have the infrastructure (nor the willingness) to try to repossess the property in case of default and even the largest international banks won’t do it.

You might hear that somebody in the US got a loan in the US to buy a property overseas but that could be because they gave a US property as collateral or any other collateral or it’s a company that has a strong balance sheet and took an unsecured loan but that would likely defeat the propose of the original poster.

If you know of any lender who takes an overseas mortgage as sole security for the loan, let me know as I’d be very interested but  I’ve worked in the banking industry across the work for many years so I know that, if ever there was any, it’d be more the exception rather than the rule. Thanks


 I agree with you - I think you may have misread my post I said there are US banks that specialize in working with foreign buyers but for US buyers going to foreign lands they would need to look at local banks and it usually is a no.

You are 100% correct. Because the topic was about Americans buying overseas, I thought that’s what you meant when you mentioned foreign buyers.
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  • Josh Ball
    Real Estate Agent · Louisiana · Member since 2017 · 215 posts · 149 votes
    11mo

    Which international market? That is a good start.

    0Reply
  • David PaxtonPro Member
    OP
    Rental Property Investor · TX · Member since 2023 · 5 posts · 1 vote
    11mo

    Greece, Portugal, Spain, Maldives.

    Thanks

    0Reply
  • Mike LambertPro Member
    Investor · The Americas and Europe · Member since 2016 · 1k+ posts · 1k+ votes
    11mo

    No international lenders. You’ll have to borrow locally if you can. Maldives almost certainly no. Greece: hard but possible if you can qualify. Portugal and Spain: yes if you can qualify, based on your personal income only.

    0Reply
  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 4k+ posts · 3k+ votes
    11mo

    Yes there are US lenders that specialize in foreign buyers but for foreign markets you will need to source locally.  Not fun or easy but I imagine is rewarding if you can pull it off!

    [email protected]813-563-0877
    Vacation Rentals of Florida53 Reviews
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    0Reply
  • Mike LambertPro Member
    Investor · The Americas and Europe · Member since 2016 · 1k+ posts · 1k+ votes
    11mo

    @Andrew Steffens

    No lender is going to take a mortgage on an overseas property because they don’t have the infrastructure (nor the willingness) to try to repossess the property in case of default and even the largest international banks won’t do it.

    You might hear that somebody in the US got a loan in the US to buy a property overseas but that could be because they gave a US property as collateral or any other collateral or it’s a company that has a strong balance sheet and took an unsecured loan but that would likely defeat the propose of the original poster.

    If you know of any lender who takes an overseas mortgage as sole security for the loan, let me know as I’d be very interested but  I’ve worked in the banking industry across the work for many years so I know that, if ever there was any, it’d be more the exception rather than the rule. Thanks

    1Reply
    • Andrew SteffensBusiness Member
      Tampa, FL · Member since 2022 · 4k+ posts · 3k+ votes
      11mo
      Quote from @Mike Lambert:

      @Andrew Steffens

      No lender is going to take a mortgage on an overseas property because they don’t have the infrastructure (nor the willingness) to try to repossess the property in case of default and even the largest international banks won’t do it.

      You might hear that somebody in the US got a loan in the US to buy a property overseas but that could be because they gave a US property as collateral or any other collateral or it’s a company that has a strong balance sheet and took an unsecured loan but that would likely defeat the propose of the original poster.

      If you know of any lender who takes an overseas mortgage as sole security for the loan, let me know as I’d be very interested but  I’ve worked in the banking industry across the work for many years so I know that, if ever there was any, it’d be more the exception rather than the rule. Thanks


       I agree with you - I think you may have misread my post I said there are US banks that specialize in working with foreign buyers but for US buyers going to foreign lands they would need to look at local banks and it usually is a no.

      [email protected]813-563-0877
      Vacation Rentals of Florida53 Reviews
      WebsiteView Page
      0Reply
    • Mike LambertPro Member
      Investor · The Americas and Europe · Member since 2016 · 1k+ posts · 1k+ votes
      11mo
      Quote from @Andrew Steffens:
      Quote from @Mike Lambert:

      @Andrew Steffens

      No lender is going to take a mortgage on an overseas property because they don’t have the infrastructure (nor the willingness) to try to repossess the property in case of default and even the largest international banks won’t do it.

      You might hear that somebody in the US got a loan in the US to buy a property overseas but that could be because they gave a US property as collateral or any other collateral or it’s a company that has a strong balance sheet and took an unsecured loan but that would likely defeat the propose of the original poster.

      If you know of any lender who takes an overseas mortgage as sole security for the loan, let me know as I’d be very interested but  I’ve worked in the banking industry across the work for many years so I know that, if ever there was any, it’d be more the exception rather than the rule. Thanks


       I agree with you - I think you may have misread my post I said there are US banks that specialize in working with foreign buyers but for US buyers going to foreign lands they would need to look at local banks and it usually is a no.

      You are 100% correct. Because the topic was about Americans buying overseas, I thought that’s what you meant when you mentioned foreign buyers.
      1Reply
  • David PaxtonPro Member
    OP
    Rental Property Investor · TX · Member since 2023 · 5 posts · 1 vote
    11mo

    Thanks for the info. 

    I know there is some places in Costa Rica that will finance, but that's on a new build and will not be finished until 2027. Too far out for me, I looking to buy now. 

    Thanks 

    Dave

    0Reply
  • Shiloh LundahlPro Member
    Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
    11mo

    Hi David, I own some properties in Costa Rica. I have seller financing on two of them. That's one option that you can go with. What is the interest that you have in buying a foreign property? Also, you mentioned five different countries. Is there a specific place where you want to own a property or do you just want to own a foreign property and you're not decided on the location? What is your goal with the property?

    480-206-1209Podcast Guest on Show #287
    1Reply
    • David PaxtonPro Member
      OP
      Rental Property Investor · TX · Member since 2023 · 5 posts · 1 vote
      11mo
      Quote from @Shiloh Lundahl:

      Hi David, I own some properties in Costa Rica. I have seller financing on two of them. That's one option that you can go with. What is the interest that you have in buying a foreign property? Also, you mentioned five different countries. Is there a specific place where you want to own a property or do you just want to own a foreign property and you're not decided on the location? What is your goal with the property?

      The Plan is to have several STR properties in various locations where we can go and spend some time and relax with nice weather. I Have relatives that have a property in Greece, we have had several vacations there and just spending a few weeks on a Greek island at the start and the end of the season is my goal for retirement. Just got to figure out how to finance them. I haven't tried any local banks, I was hoping for some sort of international bank would finance a mortgage. I still work a full-time job so I'm hoping it won't be too hard. I have money set aside in a SD IRA but don't want to use it all on one property.

      0Reply
  • Alex F.
    Investor · Plymouth, MN · Member since 2020 · 157 posts · 102 votes
    11mo

    If you are a US or Canadian citizen, and have a strong credit score and financial history, some banks in the EU will do a mortgage - variable or fixed interest and up to 30 years similar to the USA.  

    1Reply
  • Mike LambertPro Member
    Investor · The Americas and Europe · Member since 2016 · 1k+ posts · 1k+ votes
    11mo

    @Alex F.

    What you mentioned is correct, except that you cannot get a 30-year fixed interest rate mortgage as a foreigner in Europe. This isn't a surprise since there's a lot of misinformation around on such a topic. Firstly, most European countries don't have 30-year mortgages. And, when they have one, like Portugal, which is the most foreign mortgage friendly country in Europe, their fixed rates are reserved to locals. The max foreigners can get is 15 years, which is nothing to sneeze at, especially since mortgage interest rates are much lower in Europe.

    1Reply
  • Shiloh LundahlPro Member
    Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
    11mo

    @David Paxton what is your goal with the property? Is it to make money? To have it pay for itself? To live there for months at a time? To have a place to go visit and stay for a week or two a year? 

    480-206-1209Podcast Guest on Show #287
    0Reply
  • David PaxtonPro Member
    OP
    Rental Property Investor · TX · Member since 2023 · 5 posts · 1 vote
    11mo

    To make money and to have some where to spend time relaxing in the off periods. The goal is to have several locations. 

    0Reply
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