Ok so I know this seems sketch but how would I go about getting a $300k loan by Friday from abroad? Long story short but I’m on vacation and just stumbled on an amazing investment property (no it really is!) that I want to get but I’m a little cash short right now. I have enough for the down payment, but I’m not pre-approved for a loan (I’ve never tried to get one) and I don’t know how long/difficult the process is. Bidding is going on right now and I leave the country on Friday. I’m screwed?

funny
Posting as :
works at
You are currently posting as works at

> Abroad
> Seeking 300k in 3 days
> Art director

Yeah you sketchy af. Even if this is real, don't rush into this type of decision in a foreign country...

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The investment opportunity.

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likefunny

Call your bank and ask if they’ll pre-approve you. Depending on which country, some auctions make you pay up within 48 hours so it could be tight.

Share a link to the property?

funnylike

Go home (literally), you’re drunk.

funnylike

You’re definitely from the art world

likefunny

Be afraid, be very afraid! And run, faster than you have ever run before. If it is as good as someone have convinced you it is, do t you think the local or even foreign pros would be all over it and ready for that auction? All you do when you rush into a financial obligation like that is put your whole future at risk. Seriously, think about it.

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Is it a timeshare?

funny

I’ll loan you the money but it won’t be cheap

funny

If there’s a will, there’s a way.

Find a local lender. They’ll probably ask for your passport though…

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You might also end up in the next squid game

funny

Dude, don’t do it. Go home

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@OP—are you an actual real estate investor? Even before an auction there should have been due diligence materials you could have reviewed, etc. Things don’t get auctioned off on a day’s notice. It sounds as if you’re a bit late to the game if you don’t even have time to evaluate the property. Now often these things do go quickly, but usually people sitting on dry powder snap them up and refinance after acquiring the property. But I don’t know what kind of property you’re looking at—even if I did, you’d be hard-pressed to find a lender or an investor to do this on such short notice—unless you already have the cash or know someone who’d be willing to do this on such short notice.

Yes. This is a tough situation. But it can’t be the last deal you’ll find. If you’re in acquisition mode, set it up so you’re ready to pull the trigger once a other opportunity surfaces.

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That will never happen. Quickest loans go through is about 30 days after tons of paperwork and review

If your assets are tied up in stocks, the fastest possible way may be a securities based line of credit (SBLOC) or a margin loan. Depending on your broker, stock value and bank, it’s conceivable you could borrow the funds and wire to your bank and then have it in cash to write a check. I’ve done this for large expenses related to a renovation, but never something as large as this. It’s probably out of the question if your stocks aren’t worth at least 3x the property value, especially given current market volatility.

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