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Alternative/private financing Belgium
Hi there,
My husband and I are looking into purchasing a foreign property in Australia and understanding the legalities around bank financing for foreign real estate- we wondered whether anybody out there has ideas for alternative sources of financing. We’re looking to raise €280k-€300k and of course both have adequate income to cover its costs.
Thanks in advance for your advice.
Best,
Your only real option for raising finance here, is if you already own a property here, and have equity in that property. In which case, it is relatively easy to take a second mortgage. Whether you have sufficient equity in your existing house is another matter.
If you don't have existing property here (or other assets such as an investment portfolio), then I would guess that it will be almost impossible to get any sort of financing for a residential property.
That would also hold true for pretty much any other country as well. It's as simple as the fact that any lender would have major problems legally enforcing a lien and repossessing a property outside their own country if you were unable to pay.
You may have more luck approaching lenders in Australia as that is where the asset will be located, and the lender will be able to repossess it if necessary.
