| |
waxhead
|
3 local banks willing to give me a mortgage in Thai baht secured against the condo I was buying.
Friends in the same situation. Don't think you could do it for a house though ('cause of the non-foreign ownership bit).
Not hard to borrow money here locally with a work permit, work history; letter of recommendation from someone important (my boss) and so on. At least...not any harder than overseas.
The BBL thing; I was surprised they didn't want to lend to me, but put it down to the value being only 3m baht; they want to lend on 10m+ properties.
|
Thai Girls : Meet Sexy Thai Girls
Posted on: 11:10 pm on Oct. 24, 2005
|
|
DaffyDuck
|
Quote: from waxhead on 11:39 am on Oct. 25, 2005
The BBL thing; I was surprised they didn't want to lend to me, but put it down to the value being only 3m baht; they want to lend on 10m+ properties.
So, would they lend you if you were looking to be 3-4 properties for 10 mio BHT or so? Then, you'd be in a better position, as you can instantly rent out 2-3 of the properties, and live off that revenue.
Just a thought.
|
Bangkok Women : Meet Sensual Bangkok Women
Posted on: 2:59 am on Oct. 25, 2005
|
|
manowar
|
Quote: from Torq on 9:21 am on Oct. 20, 2005
Quote: from waxhead on 6:23 pm on Oct. 18, 2005
Actually I think the key thing is BBL are not really lending to farang; they are lending to Singaporeans who are buying upside in Phuket.
Mortgage broking relies on commission from the bank; in NZ we used to pay about 25-30% of the first year, and some brokers also got a few trailing points for the 2nd and 3rd year. Local banks don't need to pay that; for an apartment a foreigner can just go get a mortgage (with a decent papertrail) themselves on a condo; guarantor or company structure for house.
I work for the uncle of the BBL branch in Singapore, and even the family connection coludnt get me the mortgage with them; had local banks (3 I think) lined up to lend to me.... I don't think the BBL guys are that easy to get the money out of unless we are talking a big fancy condo.
Hi Waxhead,
So are you saying that you had 3 local Thai banks offering to loan to you or 3 banks from somewhere else to loan to you in Thailand?
Thanks for the info!
I am talking some private funds groups here in California that have expressed some interest but I need to know more before I move further into this.
I am not a broker I am just a guy whose plans included real estate to fund my move to LOS eventually. In the process I am hoping that I've found a niche that can help.
Torg, are you thinking what I am thinking ? A private mortgage company providing financing for farangs who otherwise cannot get a loan to buy property in LOS ? I have checked into that idea and I think it's very doable because a big part of the buyers for Thai "up end" condos are farangs. May need to talk to a Thai lawyer familiar with Thai real estate and finance law to be sure you are not triggering any thai laws.
|
Thai Girls : Meet Sexy Thai Girls
Posted on: 2:48 pm on Oct. 25, 2005
|
|
Torq
|
Torg, are you thinking what I am thinking ? A private mortgage company providing financing for farangs who otherwise cannot get a loan to buy property in LOS ? I have checked into that idea and I think it's very doable because a big part of the buyers for Thai "up end" condos are farangs. May need to talk to a Thai lawyer familiar with Thai real estate and finance law to be sure you are not triggering any thai laws.
Hi Manowar,
So I met with my Thai lawyer this week in BKK. It turns out that you're not triggering any more Thai legal snags than with a condo purchase. Of course they are structured differently (condos vs houses with land) but there are simple mechanisms for both.
He had some other niffty opportunites as well like loaning money to Thais with property and land that didn't have the income trail for say Bangkok or Krung Bank's more upper income targeted loans. I am amazed at the Thai finacial system to say the least.
For instance there are no title and escrow companies here it is like the US a 125 years ago. You just sort of have to do the due dilligence yourself. You can make good money it seems but you can get a royal screwing if you are not very careful too over here.
In any case I was pretty happy after leaving his office he has been consistent about that the interest rate for these types of deals in 3%/month, holy crap. Does this sound right to anyone? He tells me that the deal is that in Thailand in many cases people have held land by passing it down and with the usual vague land title instuments of the Kingdom. These folks also don't have teh kind of income that generates much of a paper trail like ours does in the west. In these cases they are not going to get business expansion funds or traditional credit for much of anything. My wife tends to bear this story out when I check with her independently. So these people use a very high interest rate secured private credit system. Amazing...
So boys just wondering what you think? Looks like two possibilities here that could fund Torq's move from the grinding slavery and spirit breaking toil of his Silicon Valley job to the pastures of heaven her in LOS.
Torq
|
Bangkok Girls : Meet Sexy Bangkok Girls
Posted on: 10:57 pm on Oct. 28, 2005
|
|
manowar
|
torg, 3%/month ? that IS a BUSINESS ! when do we start ? Actually, on my last trip, I thought long and hard about this "private mortgage" deal. Only problem is I am just an occasional visitor. It takes someone local to run it right and don't get screwed. If you are moving there permenantly, I say give it a worthy try. I know some poeople here in the States in the business. The most they can charge here is 10-12%/year +2-4 pts.
|
Thai Women : Meet Matured Thai Women
Posted on: 12:26 am on Oct. 29, 2005
|
|
| |
|
