I was told the best option is to take out a home equity loan, but I do not have enough equity in my house to do so. The condo is in St. Martin and is an absolute steal at $65.000. I would use the condo as a vacation home. I have good credit and income.
2007-06-05 09:39:47 · 2 answers · asked by shawgo2001 1 in Business & Finance ➔ Renting & Real Estate
I would first try banks in Florida, and if this doesn't work, there are international banks in New York City. These banks do this type of transaction all the time, and if things are as you say, there should be no problem.
They should already have business contacts in the area you want to purchase to verify the purchase, and do an inspection.
2007-06-05 09:45:25 · answer #1 · answered by Marissa Di 5 · 0⤊ 0⤋
Most US lenders aren't really interested in financing properties outside the continental US, simply because laws concerning foreclosure and collateral vary in other locations.
That's why you are being advised to do a HELOC. If you default, the collateral is HERE, in the continental US.
2007-06-05 09:43:20 · answer #2 · answered by acermill 7 · 0⤊ 0⤋