Can I mortgage a property I own in Florida?

Viewing 6 posts - 1 through 6 (of 6 total)

nickandpat
Member
@nickandpat
Join Date: 2012
Post Count: 3
January 12, 2012 - 10:52 am
We have a home in Florida which we use 6 months of the year. We need some cash and have paid for this home in full at settlement.
Can you recommend any method of getting some of that equity back out for a payment we need to make in Australia?
Happy to share our story and experience of the Sarasota/Bradenton area in Florida should anyone need help.
Many thanks,
Nick and Pat
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
January 12, 2012 - 12:01 pm
Hi both
Yes it might be possible.
We have a few lenders we deal with who may look at it depending on a few things.
What did you pay for the property ?
US Lenders i deal with have a minimum loan of $100K USD and maximum loan of 65-70%.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
nickandpat
Member
@nickandpat
Join Date: 2012
Post Count: 3
January 12, 2012 - 11:06 pm
We paid $262k for it and it should value up at that price or more as we have spent another $40k on it.
Nick and Pat
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
January 13, 2012 - 12:37 am
Hi both
I will make some enquiries for you and come back to you.
Are you both Australian Residents / Citizens.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
nickandpat
Member
@nickandpat
Join Date: 2012
Post Count: 3
January 13, 2012 - 12:46 am
Thanks, yes we are but spend 1/2 the year in the US so understand the pitfalls a lot better from a much more in depth knowledge of the whys and wherefores of the US than you can get on a fly in fly out visit.
Cheers,
Nick and Pat
Bsinger
Participant
@bsinger
Join Date: 2012
Post Count: 1
January 16, 2012 - 3:15 pm
I am in Florida and can help you with your scenario. Please email me all particulars so we can discuss.
Brad Singer
Leader Mortgage Services
[email protected]