But if you need a huge sum of money for purchasing a foreign property, what can you do? The online moneylenders too will not lend you that much money unless you offer collateral. And the only asset you have is placed as collateral for the first loan.

Of course you can wait until the first loan is finished but what if the property is sold before you clear off the debt. It is recommended to go for a second mortgage in such cases. It is possible for you to get a loan on the asset that is already placed as collateral with other lender. But you need to mention it in your application else it will be considered fraud. Once you get the cash, you can easily buy the foreign property.