Applying for a loan while living abroad

Does anyone here have experience dealing with this kind of setup?

So, I’ve been approached by a broker—who, let’s be honest, is clearly just working for a commission—about securing a loan through JPMorgan Chase, but not through their domestic branches. Apparently, it would be coming out of their Austrian division. This same guy claims to handle everything from the appraisal to the paperwork, asking for standard stuff like pay stubs, tax returns, and so on. It’s a mortgage on a property with a 15-year term, offering decent interest rates and a 2:1 loan-to-value ratio, which, compared to how most major US banks operate, actually looks pretty favorable. On top of that, he’s guaranteeing a much smoother and faster turnaround than what you'd typically see stateside—maybe three to five weeks. I'm just wondering if anyone has run into this before. Is this legitimate, or am I looking at some shady business?

The big advantage here? They don't even bother checking with the Federal Reserve or running you against a black list...
Look, this guy probably isn't even an official appraiser. It’s more about the principle of the thing: you gather every single piece of documentation possible, which is how they handle valuations over in Austria to decide if they'll even bother showing up at your property. Once you get a handful of interested parties together, a bank officer—an Austrian, in this case—comes out to perform inspections and appraisals for several locations across town. Only after that do they actually sit down and draft an official loan offer.

Up until that point, EVERYTHING should be free of charge.
If all your ducks are in a row and the parameters look good, they’ll extend credit for up to 60% of the property's appraised value...
And you'd end up making your mortgage payments in Canada.

Eric Rodriguez31 said:Does anyone here have experience dealing with this kind of setup?

So, I’ve been approached by a broker—who, let’s be honest, is clearly just working for a commission—about securing a loan through JPMorgan Chase, but not through their domestic branches. Apparently, it would be coming out of their Austrian division. This same guy claims to handle everything from the appraisal to the paperwork, asking for standard stuff like pay stubs, tax returns, and so on. It’s a mortgage on a property with a 15-year term, offering decent interest rates and a 2:1 loan-to-value ratio, which, compared to how most major US banks operate, actually looks pretty favorable. On top of that, he’s guaranteeing a much smoother and faster turnaround than what you'd typically see stateside—maybe three to five weeks. I'm just wondering if anyone has run into this before. Is this legitimate, or am I looking at some shady business?

You need to check their General Terms and Conditions over in Austria. Legally speaking, it comes down to reciprocity—they'll give an American the same rights an Austrian would have here in the US, provided those rights are mutual.

So, go down to the Federal Reserve branch here and ask if an Austrian can take out a loan in America under the exact same terms this broker is offering you in Austria.

Compare the two.

It feels a little weird to me—besides the mortgage itself, what else are they going to grab as collateral? Our promissory notes don't hold any weight with them, and they aren't going to go after your entire estate via a writ.
Clearly, the ratio is going to be way more unfavorable for you than what this guy is claiming—it just doesn't make sense.

Our financial tools don't carry much value there because, with our local promissory notes and legal filings, they could theoretically freeze every single one of your accounts. Since our note lacks a solid legal basis with them, the only real collateral left would be the real estate.

Sure, they might give you lower interest rates, but then they'll just hike the required property valuation ratio—banks always look out for themselves first.

Of course the ratio is terrible when it comes to mortgages. The main difference should be how those so-called agents handle their commissions—which aren't exactly small—to make everything run smoother and more efficiently. Plus, property appraisals ought to be faster and more accurate. Around here, the ratio is typically around 1:2.5 or higher; even JPMorgan Chase pushes it past 1:3. What that actually means is if you have a home valued at $150,000 and you're looking for a mortgage of up to $50,000, you still have to jump through a thousand hoops regarding creditworthiness. We're talking salary verification, employment stability, the company's credit rating, life insurance policies, and all that other nonsense. Just think about it. Sure, even with these foreign loans, they still require paperwork and payment guarantees, but the whole process is supposed to be simpler and quicker. Everyone knows that in this country, you practically have to beg just to get the money you're legally entitled to, yet the moment they need to pay you out, they suddenly become incredibly efficient.
What I’m really wondering is whether these overseas loans being advertised online are actually legitimate, and if these agents or agencies are real people or just scammers. Basically, does this stuff actually work? Right now, I'm trying to find someone who has actually used one of these loans because, in a deal like this, finding someone you can actually trust is the hardest part.
Since everyone needs cash and these ads are all over the classifieds, it honestly baffles me that nobody is asking about this.

James Cox6 said:It feels a little weird to me—besides the mortgage itself, what else are they going to grab as collateral? Our promissory notes don't hold any weight with them, and they aren't going to go after your entire estate via a writ.
Clearly, the ratio is going to be way more unfavorable for you than what this guy is claiming—it just doesn't make sense.

Our financial tools don't carry much value there because, with our local promissory notes and legal filings, they could theoretically freeze every single one of your accounts. Since our note lacks a solid legal basis with them, the only real collateral left would be the real estate.

Sure, they might give you lower interest rates, but then they'll just hike the required property valuation ratio—banks always look out for themselves first.

???
Everything works exactly the same way here in the States: the primary way we ensure loan repayment is through regular payroll deductions, where the monthly payment can swallow up 50-60% of your average take-home pay...

If a client stops paying for an extended period, the bank simply forecloses on the property.
The contract is notarized by authorized public officials and backed by a specific legal agreement handled by an American attorney.

Anyone got the lowdown on this kind of loan?😕
Is it actually worth grabbing a mortgage here in the States, or should I be looking abroad? Where do I even start digging into these types of loans? Is it legit, or am I gonna run into those shady "agents" trying to pull some fast one on me?
Thanks in advance👍

ironcanyon422 said:Anyone got the lowdown on this kind of loan?😕
Is it actually worth grabbing a mortgage here in the States, or should I be looking abroad? Where do I even start digging into these types of loans? Is it legit, or am I gonna run into those shady "agents" trying to pull some fast one on me?
Thanks in advance👍

In America, obviously...
These "Austrians" are basically targeting people who are drowning in debt back home, or maybe they're on a black list, or some other reason why they don't meet the basic requirements for a standard loan...
Look, the whole setup is pretty sketchy. You’re essentially crossing borders with a massive pile of cash without reporting it. It's gray area territory.
As for the "agents"? You can spot a fraudster from a mile away during that first meeting. Just trust your gut.

So, I’ve actually dealt with JPMorgan Chase before, specifically their Austrian branch
I took out a $50,000 loan from them about a year back
Local banks here wouldn't touch me—too many excuses, things like not having enough reported income, being a single parent with two kids, or some nonsense about being near the social safety net threshold
Honestly, I don't even know half the hoops they try to make you jump through, so I just turned to Austria instead
It was easy; based on the house I put up as collateral, I could have easily pulled $75,000
Instead, I went with $50,000 over a 15-year term, and my monthly payment sits at around $658, which includes life insurance
I don't have the exact numbers for the appraisal costs, and legal fees were pretty standard—most people end up hiring their own lawyer anyway
The commission was 6%
They didn't make it a massive ordeal like the banks here do, and everything was finalized in about a month and a half
All in all, I'm satisfied
though if I had tried to do this locally, my monthly payment would probably have been closer to $667 over a 25-year stretch

Eric Rodriguez31 said:Does anyone here have experience dealing with this kind of setup?

So, I’ve been approached by a broker—who, let’s be honest, is clearly just working for a commission—about securing a loan through JPMorgan Chase, but not through their domestic branches. Apparently, it would be coming out of their Austrian division. This same guy claims to handle everything from the appraisal to the paperwork, asking for standard stuff like pay stubs, tax returns, and so on. It’s a mortgage on a property with a 15-year term, offering decent interest rates and a 2:1 loan-to-value ratio, which, compared to how most major US banks operate, actually looks pretty favorable. On top of that, he’s guaranteeing a much smoother and faster turnaround than what you'd typically see stateside—maybe three to five weeks. I'm just wondering if anyone has run into this before. Is this legitimate, or am I looking at some shady business?

Could you please share the contact info for that broker? Honestly, I can never seem to find a real commission-based professional. All I run into are those scammers from the classified ads who claim they work for the banks. They say they don't charge fees, but they never actually close the loan; they just drag their feet indefinitely.
I would be incredibly grateful for any information you can provide.

nimbleranger25 said:Could you please share the contact info for that broker? Honestly, I can never seem to find a real commission-based professional. All I run into are those scammers from the classified ads who claim they work for the banks. They say they don't charge fees, but they never actually close the loan; they just drag their feet indefinitely.
I would be incredibly grateful for any information you can provide.

I already sent over my colleague's contact info—he's got a real contract. Check your PM...

If anyone actually cares, we're talking about completely illegal transactions here. You can't just move foreign loans into the US without registering them with the Federal Reserve.

It might be possible, but if we're talking about doing this legally:

1. A bank would deposit the funds directly into your account rather than handing over cash through some middleman. They’d also need all the proper documentation approved by both the Federal Reserve and the central bank of the country where the loan originates.

2. You wouldn't need a middleman at all. These guys clearly exist just to act as a buffer between you and the bank—likely because they're guaranteeing the bank with assets in, say, Austria, while you're pledging your own property here in the States. If you think this is an "easy way out," you're incredibly naive and deserve whatever fallout comes from that choice.

Does it really not occur to anyone that if this were legitimate, some foreign bank would be advertising these credit lines in the American media? There’s clearly enough interest to make it happen.

I have a question that might confuse some of you, though I must admit I am quite perplexed myself, so I would appreciate any insight you can offer! Is it actually possible to take out a non-purpose personal loan abroad and then proceed to overdraw your existing account at that same bank? If such a thing is permissible, what kind of overdraft limit could be approved in relation to the loan amount? Furthermore, does anyone possess specific knowledge regarding the Austrian bank Zila based in Spokane? Does it maintain any sort of affiliation with Raiffeisen?

Casey Bennett2 said:If anyone actually cares, we're talking about completely illegal transactions here. You can't just move foreign loans into the US without registering them with the Federal Reserve.

It might be possible, but if we're talking about doing this legally:

1. A bank would deposit the funds directly into your account rather than handing over cash through some middleman. They’d also need all the proper documentation approved by both the Federal Reserve and the central bank of the country where the loan originates.

2. You wouldn't need a middleman at all. These guys clearly exist just to act as a buffer between you and the bank—likely because they're guaranteeing the bank with assets in, say, Austria, while you're pledging your own property here in the States. If you think this is an "easy way out," you're incredibly naive and deserve whatever fallout comes from that choice.

Does it really not occur to anyone that if this were legitimate, some foreign bank would be advertising these credit lines in the American media? There’s clearly enough interest to make it happen.

The bottom line? Based on what you wrote, you clearly have no clue how their business model actually works, yet you love playing armchair theorist...

Look, we're talking about the shadow economy here. You can move money legally through these channels if you're willing to pay the specific commissions required by the US authorities...

My best advice? They don't need a middleman. Of course they don't—people could just hop on a plane to Austria tomorrow and handle the entire loan realization disclosure process themselves! Where, how, when, why, and all the other fine print—yeah, that’s the easy part, right?!!

I’m not exactly singing praises for this way of borrowing, but for people who can't get a loan in the States for whatever reason, but desperately need one—this isn't a bad option...
Because every single loan is a necessary evil. How "necessary" it is and exactly how much "evil" is involved? That's a call only the borrower gets to make.

Richard Wright said:The bottom line? Based on what you wrote, you clearly have no clue how their business model actually works, yet you love playing armchair theorist...

Look, we're talking about the shadow economy here. You can move money legally through these channels if you're willing to pay the specific commissions required by the US authorities...

My best advice? They don't need a middleman. Of course they don't—people could just hop on a plane to Austria tomorrow and handle the entire loan realization disclosure process themselves! Where, how, when, why, and all the other fine print—yeah, that’s the easy part, right?!!

I’m not exactly singing praises for this way of borrowing, but for people who can't get a loan in the States for whatever reason, but desperately need one—this isn't a bad option...
Because every single loan is a necessary evil. How "necessary" it is and exactly how much "evil" is involved? That's a call only the borrower gets to make.

Fine then, why don't you explain exactly how they operate.

I mean, if everything is legal, it shouldn't be a secret. 🙄 Maybe they'll even pick up more clients.

You’ll find plenty of solid answers to that question scattered throughout this thread. Honestly, I’ve already given my take on this three or four times just on this single page, so do me a favor and scroll up a bit...

I have absolutely no intention of sinking to the level of mindless provocations. Other than that, go back and actually read the very last sentence of my previous post...

Richard Wright said:You’ll find plenty of solid answers to that question scattered throughout this thread. Honestly, I’ve already given my take on this three or four times just on this single page, so do me a favor and scroll up a bit...

I have absolutely no intention of sinking to the level of mindless provocations. Other than that, go back and actually read the very last sentence of my previous post...

Sorry, I'm a little slow and I don't really get it.

But I still don't see how this works legally. ☕

Jonathan Ward59 said:So, I’ve actually dealt with JPMorgan Chase before, specifically their Austrian branch
I took out a $50,000 loan from them about a year back
Local banks here wouldn't touch me—too many excuses, things like not having enough reported income, being a single parent with two kids, or some nonsense about being near the social safety net threshold
Honestly, I don't even know half the hoops they try to make you jump through, so I just turned to Austria instead
It was easy; based on the house I put up as collateral, I could have easily pulled $75,000
Instead, I went with $50,000 over a 15-year term, and my monthly payment sits at around $658, which includes life insurance
I don't have the exact numbers for the appraisal costs, and legal fees were pretty standard—most people end up hiring their own lawyer anyway
The commission was 6%
They didn't make it a massive ordeal like the banks here do, and everything was finalized in about a month and a half
All in all, I'm satisfied
though if I had tried to do this locally, my monthly payment would probably have been closer to $667 over a 25-year stretch

Seriously, please, if you ever find yourself back on this forum, let me know the details of the broker who made that loan happen for you.
I would pay a fortune to find someone that talented.
I'd be eternally grateful for the help.

I’ve been reading up on the economic recovery plan proposed by Kamala Harris, and I'm hearing that interest rates might hover around 7%. At the same time, I keep seeing business leaders on the news mentioning they can secure loans abroad at much lower rates, somewhere between 3% and 5%. Does anyone have any insight into who to contact regarding those types of options or what the typical procedure looks like? Thanks!😕

Has anyone actually managed to close on that loan yet? It’s been nearly a year since his post went up.