When living abroad, you can still obtain a loan to purchase a rental property in France thanks to French Mortgage Expert, our dedicated service for non-resident financing. A French expat based in London shares his experience..
Tell us about your profile
I am a 38-year-old living in England and I work in finance as a managing partner.
What real estate venture did you finance with Carte Financement?
I obtained financing for the purchase of two rental properties in Clichy (just outside of Paris proper): a 35 sq. m apartment and a 61.5 sq. m apartment.
Did you approach your bank in France at the beginning of this process?
Yes, I consulted my bank in France.
If so, what was their response? What difficulties did you encounter?
The fact that I am an account holder at my bank’s Clichy branch and a client of their private banking service caused a great deal of internal confusion. I initially approached my bank regarding the first property (the 35 sq. m apartment). It was apparent right out of the gate that they were not very interested in financing the investment. The private banking service quickly made it clear to me that my application would not be a top priority for them. The service I received left something to be desired.
What, in the end, made you decide to use the services of a mortgage broker?
On top of my status as a non-resident, there was the issue of my professional title—managing partner—, which was misunderstood in France. In English-speaking countries, a managing partner is an employee who has been given the opportunity to own shares in their firm. Although this evokes a certain level of professional success abroad, it actually hindered my ability to obtain a loan in France. Besides, I did not have time to arrange meetings with the banks. Finding investment opportunities had already been a struggle, so when it came to financing, I wanted to be as efficient as possible— even if that meant paying broker’s fees.
Why did you choose Carte Financement instead of a more traditional mortgage broker?
Actually, more than Carte Financement itself, Laure Lewis came highly recommended by a private banker.
How did Carte Financement help you obtain financing?
I had several exchanges with Laure Lewis that were courteous and very professional. She immediately understood my situation and clearly, her efforts to find a lender proved successful, because we were able to close on the properties.
Did you have to travel to France or were you able to do everything remotely?
I had to travel to attend a single meeting at the bank that provided my loan.
How long did you have to wait between your first interaction with Carte Financement and obtaining your loan?
I had to wait 4 months. The wait was extended for two reasons: The seller’s solicitor took several weeks — months, even — to provide the documents required to set the sale in motion. In the meantime, I found a second investment property, so we had to renegotiate financing on the first investment in light of the additional debt I would take on with the purchase of the second property. Two reasons: The seller’s solicitor took several weeks — months, even — to provide the documents required to set the sale in motion. In the meantime, I found a second investment property, so we had to renegotiate financing on the first investment in light of the additional debt I would take on with the purchase of the second property.
What did you think about Carte Financement’s fees compared to the quality of service rendered?
All throughout the financing search, Laure Lewis demonstrated incredible professionalism (expertise, service, patience). Given the overall level of service and especially the fact that we were able to close, I would say I was undercharged.
If you had to describe Carte Financement in a single world, what would it be?
Tops! I will not hesitate to recommend Carte Financement to people I know. In fact, I already have.
