would a bank be willing to lend up to 200,000 to a 19 year old in a full time job earning up to 16000/an?

Question

To start property developement abroad

Answer 1

Being practical, no, not without some sort of security (parents home, your inheritance home etc etc)

HOWEVER

It depends on exactly what you mean by "development" as opposed to regualr investment. Are you wanting to get involved in the design and construction of new property or just "buy, refurb & spin" ?

If you are determined to start overseas, then I wish you the very best of luck - and with enough determination you will make it sooner or later.

It might be a damned site easier to look nearer home first though - and certain deals can be done without needing to spend your own money too - which is always nice.

As for places like Bulgaria, there are properties (reasonable size/condition) which at present can be purchased outright for around £4000 - somethng which you quite probably COULD get a loan for - perhaps even three times that.

In a reasonably short period of time, it would not be unrealistic to expect your investment property to be worth SUBSTANTIALLY more than that. IIRC a foreigned may not own real estate there BUT a Bulgarian company can - and a UK resident can own all of the shares of the Bulgarian company ;)

Whatever you do, I wish you well. Google for things like "creative financing" "back to back mortgages" and so on, there are all sorts of little tips and tricks out there to take advantage of.

Mark

Answer 2

Yes!!! The only problem is that you will have to leake your f.time job to look after the new adventure. Were will the repayments come from before your properties start to generate income?
Work out all the means and ways and you will get the loan. It is possible even knowing that you don't need all that amount for properties abroad. £120000 would be more realistic.

Answer 3

Not a responsible lender. Most companies have an income multiple of 3 -4 x your gross annual salary.

You could try a self certified arrangment but i really wouldnt advise this as you would be risking alot. Start smaller and then work up once you have a substantial property portfolio.

Good luck

Answer 4

You must be very optimistic!
If i was the manager I would not lend you that sort of money ESPECIALLY as you want to be a property developer abroad

Answer 5

The only thing your age has to do with any approval is your number of years of experience with credit and in development. It is illegal to discriminate in lending due to age is you are of legal age.

$16K per year is not enough to support payments on the loan. Development money is given to experienced developers with established plans and some of their own money into the project.

I love your ambition - keep looking for opportunities!

Answer 6

Do you know what a mortgage is?

You could borrow 60,000 max against a property!

And thats ur lot! Payin it back at £600 a month for 25 years is not much fun.

Answer 7

Vito, he hangs out at a bar on fifth and lex. The vig may be a bit high though.
What is the property worth that you are putting up for development, in USD?

Answer 8

The only people who will lend you that sort of money, will also come round and break your mother's legs if you're one day late with the payments. Good luck.

Answer 9

No way. It is too risky for any bank to loan a youngster that amount without showing your bank that you are guranteed a long term income. I know I would not loan that amount to anyone who was that age without seeing a long term credit history.

Answer 10

Highly unlikely but hey, there is nothing to stop you from applying for a loan that size but just be prepared for a refusal.