HELOC from Philippines bank to invest in US Real Estate

[Marc Estepa]

Asking for a friend!  I have a buddy who was gifted a property under his name in the Philippines.  It is a high end Condo in the Rockwell area of Manila and is owned free and clear.  It is apparently valued at $700,000 USD.

He is a US Citizen, lived in the Philippines for 10 years and has recently moved back to the US.  He wants to deploy the cash to invest in US Real Estate and get started.

Does anyone have experience with this - specifically in the Philippines?  What does he need to do to deploy this cash from an overseas, Philippines bank to use in the US?  

Thanks in advance!

[Jason Lam]

@Marc Estepa I currently only invest in the US. I am looking for cashflow which is nearly impossible to find in Manila, its all appreciation here which don't get me wrong has paid off 10 fold for investors but its just not my cup of tea right now. That condo in Rockwell was probably purchased for $200k-$250k 10 years ago. As far as I know, no US bank will take a Philippine property as collateral. If you were to have a shot you would have to find a bank that has locations out here and there is a very slim chance they might. Check out Citi bank and HSBC