Hi Jay
Looking for only 50% Loan To Value should help. Not only does that make it less of a risk to lenders (some will take your business, some will say no), but it opens up builders loans to you. There are a lot of projects about in countries you will be interested in (including Romania) where you can get a builders loan for around 50% of the purchase price. These loans tend to be over fairly short terms (typically 5 to 10 years) and around the 6% to 9% mark for interest rates. This makes the monthly installements high, so you obviously will want to check that the rent should cover most if not all of the installments. There are no credit checks for the builders loans I've looked into. They are typically offered in areas where it is either hard or impossible to get mortgages so that investors have the means of leveraging their investment without borrowing against other property.
Ready2Invest have commercial investment opportunities on the main ring road round Bucharest where investors can have a builders. (I don't wish to plug Ready2Invest, its just an example of a builders loan being offered.)
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