Financial institutions borrowing

Viewing 10 posts - 1 through 10 (of 10 total)

kevsgn
Participant
@kevsgn
Join Date: 2013
Post Count: 15
November 4, 2013 - 11:38 am
Anyone know any financial institutions allow us properties pledging borrowing with in us or internationally? The properties are fully paid without loan
Want the application to be done without going there
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
November 4, 2013 - 1:44 pm
Hi Kev
Would you like to spell that out in English and we can assist.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Colin Rice
Participant
@fms
Join Date: 2011
Post Count: 338
November 4, 2013 - 1:52 pm
Rephrase please. I think I know what you are saying but better to clarify a little, or a lot more.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
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Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
kevsgn
Participant
@kevsgn
Join Date: 2013
Post Count: 15
November 5, 2013 - 1:48 am
The properties are fully paid located in united states
Need to find some banks for loan using the the properties
But need not go to united states for application
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 5, 2013 - 12:29 pm
No Australian lender would be willing to lend based on overseas security. It would be a legal nightmare to lodge mortgages in a foreign jurisdiction and even worse to enforce if you stopped repayments.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Arun Bhuta
Participant
@arun-bhuta
Join Date: 2014
Post Count: 41
March 29, 2014 - 12:52 am
Dear kevsgn,
In Australia a mortgage broker can not put application to bank unless then have done personal checks. Known as KYC.
Similar requirements will be there in US. Hence you could not avoid going to US that is my understanding, but you need to verify with mortgage brokers with US.

Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
March 29, 2014 - 4:02 am
Arun Bhuta wrote:
Dear kevsgn,
In Australia a mortgage broker can not put application to bank unless then have done personal checks. Known as KYC.
Similar requirements will be there in US. Hence you could not avoid going to US that is my understanding, but you need to verify with mortgage brokers with US.

Another post which makes no sense!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
jmsrachel
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@jmsrachel
Join Date: 2012
Post Count: 711
March 29, 2014 - 4:09 am
Terry you need to read the post after you’ve consumed a slab of beer. It then magically becomes crystal clear.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
March 29, 2014 - 4:15 am
A person wants to know if they can borrow against property located in the US. I am not sure what KYC has to do with it- no not a form of lubricant, but Know Your Client (i imagine). So I guess he is saying that the potential mortgagor must go to the US to get a loan because Australia has a KYC policy and therefore Arun presumes the US must also have one.
Arun are you a new broker?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
March 29, 2014 - 10:46 am
No you certainly do not need to go to the US to lodge an application with a US Bank.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender