Irish Mortgage on US property

I am currently looking to buy an overseas property in the States to take advantage of the much lower mortgage interest rates in Ireland and the lower property values (when converted from euro) in Chicago or NYC. Does anyone know of a local bank that will provide a mortgage on an American property even when you do do not currently have an Irish property as collateral?

Thanks for any advice.

Moved from Mortgages and Buying and Selling Homes.

No is the short answer - for the average joe. Irish banks generally will not lend to an American property at euro interest rates without taking an Irish asset as security. The alternative is to borrow from a US based bank (at US interest rates), which you can do without using security on as asset here - but the interest rates are high.

Exception to the rule is if you are high net worth and have a relationship with an Irish bank which is active in the US (e.g. Anglo or BoI).

Thanks. I will give them a try this week and will let you know if I have any luck!

Note: There is a Irish company who organise mortgages for US property from Dublin (with major US banks)... 'Acquisitions Property Services', www.acquisitionsmortgage.com. The guy to talk to is John Grady at jgrady@acquisitionsgroup.net.

Caution required !, watch out for junk fees and look for references from past satisfied clients, in particular watch for interest rates and the broker taking a % on the back end, this could make the deal less attractive, also be mindful of the sub prime market at present, frequently non US citizens are regarded very poorly compared to US citizens requesting financing, this is reflected in the rates..have you tried any of the companies currently marketing property in the states such as HOK or Castleroc Estates, suggest asking them for a steer