Foreign asset financing

[toohuge]

People of PH,

My wife and I are in a slightly complex situation.....

We have recently moved to the US and were planning on purchasing a vacant piece of land, with the view to build in the next 3 years or so. We would ideally like to finance this land lot as it is (to us) a significant amount to tie up in a non-performing asset for the short term.

We have looked into US based financing, and land only loans are few and far between, those that are available are very limited on the visa classification etc. and most will not lend to non-US citizens.

Does anyone know of any UK based institutions that would consider lending against a foreign asset?

The value is 165K USD, so around 100k GBP.


Thanks,

Chris

[pacoryan]

In short, no.

You are living over there so no regulated lender over here would risk it, both from the geographical complexity of not being able to easily enforce it but the regulatory/administrational/legal nightmare that is transatlantic financial business.

If you had assets here still it might be possible to secure finance against those, but even that would be a challenge.

Sorry not to be more positive!

If you're living there are you not tax resident and domiciled yet?

[ssaf]

toohuge said:

We have looked into US based financing, and land only loans are few and far between, those that are available are very limited on the visa classification etc. and most will not lend to non-US citizens.

$165k of land? I would ask the seller for owner financing. Owner financing is not uncommon and not such a daft question as you'd imagine.