Do Banks in the US finance loans for foreign property

Crazy4Cali says on Jun 11, 2006, 18:28:

You could always... You could always get a second mortgage on your home in the U.S. They'll sign you up for one of those in a New York minute. But using property in a foreign country as collateral is a bit unlikely.

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brad216 says on Jun 11, 2006, 19:24:

I work for the 5th largest us bank and have to agree with crazy4cali. I do not believe any us bank is going to finance foreign property. The best thing for you to do is take a home equity loan or line of credit against your usa property. By doing this you should have more negotiating leverage since you are basically purchasing the prop with cash. I don't care what country you are in....cash talks and will get you a better deal. good luck.

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skatefrog says on Jun 11, 2006, 20:02:

my husband My husband is from Colombia, and he's a loan officer here, in the U.S.
I asked him if he knew what your options were and he said that he believes that there is a banco de bogota in miami, and, you may want to get in contact with that bank, maybe they can do something, or help you in some way, since they are located in the states. Or, if you own a house now, you could refinance, get equity, and buy it that way. If your interested he'd be happy to help you, he works with loans in all 50 states. Email me if you want more info, or if you'd like to email or talk to him. Saberskater7 at yahoo.com
Good Luck!

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alexis33015 says on Jun 14, 2006, 08:55:

in miami i have seen heard many commercials about buying luxury condos in colombia.
from local real estate ads
to colombian festivals
so if you dig a little i think you can
http://www.viventanet.com

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M7 says on Jun 14, 2006, 23:49:

other charges? i am also looking to purchase an apartment in Medellin. i got frustrated looking for a bank so just settled on a 5yr/personal loan for half the amount. the exchange rates are looking real sweet at the moment too. :-))

since this will be a cash purchase,,,anybody know if there are other charges/ taxes involved just for being an extranjero? maybe there are special charges for electronic transfer of funds (such a large amount) ??

thanks

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DavidH says on Dec 10, 2006, 09:29:

Recently married but of the radar. I'm an American, very recently married to a Colombian. I've never lived in Colombia, and for the next several months will be working outside of that country. My wife and I want to buy a house or apartment there and are hearing from Banks and institutions like Citibanc, Bancolombia and Conavi that we can't even have a joint bank account until I've lived there 6 months. We had hoped that with power of atty. she could start the process of buying a home.
How can someone in my situation finance property?

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DavidH says on Dec 10, 2006, 09:29:

Recently married but off the radar. I'm an American, very recently married to a Colombian. I've never lived in Colombia, and for the next several months will be working outside of that country. My wife and I want to buy a house or apartment there and are hearing from Banks and institutions like Citibanc, Bancolombia and Conavi that we can't even have a joint bank account until I've lived there 6 months. We had hoped that with power of atty. she could start the process of buying a home.
How can someone in my situation finance property?

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aztec says on Dec 10, 2006, 11:15:

Have you tried... ...opening a savings account? They are almost as flexible.

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DavidH says on Dec 11, 2006, 07:26:

What was that middle part again? I don't understand. We were told by Citibank, for example, that I was not permitted to open an account or purchase property until I had verifiably resided in the country, even though I am married to a Colombian... I realize that I could simply provide the money and let her handle it but establishing my/our joint financial track record (seemingly) makes better long-term sense.
Where does one go to get the facts?

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Gator says on Dec 11, 2006, 07:59:

David H I assume you contacted Citibank in New York City and if so MAKE SURE you are transferred and speak to International Banking. If you have the necessary $$$$ to open ask them about Citibank's Gold Account. We use Citibank but have been in Colombia for years and opened our account a longggggggg time ago. Our local, Colombian banking, for what it's worth, is with Conavi. I will tell you that Mrs. Gator is a Colombian national and I am a permanent resident so that cuts the paperwork way down. When you deal in real estate here remember the old saying: "Money(cash) talks, bullshit walks." In Colombian real estate transactions cash is king.

As far as a US bank lending money to purchase in Colombia do not hold your breath. Most gringos in Colombia we know that have gotten loans went the personal loan route secured with property or funds in the US. Several other made the purchase here in Bogotá by securing the loan with CD's-you get and excellent (best) rate and the CD's continue to draw interest at the original investment rate.

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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DavidH says on Dec 11, 2006, 09:08:

Conavi... ...is where my wife banks. No luck there. We visited Citibank in Medellin, where we were (more or less) turned away also. I'll contact international banking at Citi. But please let me be sure that I understand --- I can waltz (cumbia) into an Colombian bank and open an account tomorrow with no more than a tourist visa (and not even married to a Colombian)? Thanks for your help.

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Gator says on Dec 11, 2006, 13:29:

????????? "But please let me be sure that I understand --- I can waltz (cumbia) into an Colombian bank and open an account tomorrow with no more than a tourist visa (and not even married to a Colombian)?"

David-I don't think I said that.

Almost all bank require a citizenship card (Cédula de Ciudadanía), or a Cédula de Extranjería (foreigner's ID card) and the ID number on those are used and required on all instances for public and private transactions. Can't your wife start the process since she is a Colombian national?

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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robi666 says on Dec 11, 2006, 14:28:

David, if you cannot open an account, do the following:
1) Use an agency, find the apartment and fix the price. Eventually, pay a small amount signing a pre-contract. Take the money from an ATM.
2) Wire big money directly into the seller's bank account or use the agency or someone you trust as escrow.
3) Make sure he/she receives the money with form 4, specifying your name as the international investor. Ask him/her to make a copy of the filed form.
4) Put the apartment to your and only your name (not your wife). You do not need a Cedula for that, your passport is ok.
5) Register the investment at Banco de la Republica with form 11 within three months and you've done!

Better to burn out than to fade away.

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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usagringo says on Dec 17, 2006, 21:06:

Hey Gator, would like contact again. We first talked at old caligringo site, I would like to contact you, it that possible, I'm at gringopapa at hotmail. Hope you read this.

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