To date, in many countries, obtaining a mortgage by a foreign citizen is associated with sufficiently great difficulties. Foreign banks, in general, agree to work with foreign borrowers and allow them to use credit calculators posted on official Internet sites. However, the package of documents they need and the thoroughness with which the sources of income are checked, and quite often the legitimacy of the origin of the first contribution is scared away by potential borrowers. Currently, construction companies themselves, which are erecting residential real estate in order to attract foreign investors, express their willingness to meet customers. This form of purchase of residential real estate is called Non-Status Mortgage or unstatus funding. In this case, the Credit Organization is a builder, and not the potential buyer of housing before the credit institution.
In this case, the bulk of the issues on the execution of the loan falls on the shoulders of the developer. As a result, the buyer of real estate provides a minimum of documents. And one more important point: unlike direct mortgage lending, the borrower has no need to confirm the sources of his income. As a result, those borrowers who work on percentage of transactions, as well as those who have already taken one loan will be able to resort to such a scheme. An important point is the lack of age -related qualifications, usually established when receiving a mortgage in a standard way.
Banks provide such preferences only because the developer is able to provide unstat financing with his assets, and standing objects including.
However, experts note that very few company working on the market has been going on to issue unstat financing. In this regard, this type of lending is not so massively common in the world.