Old Farang
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Posts posted by Old Farang
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1 hour ago, scorecard said:
It's not that simple, any bank will want to be convinced that you or your wife (if it's a pesonal mortgae loan) or the company (if thre bank gives the loan to the company, can already prove a past income stream and can prove there will be a continuing income stream to support the repayments.
If it's a new company then theres' no past business history (sales/revenue/profit margins/operating expenses, etc., therefore bank likely to be hesitant to loan money to the company.
So far I would concur with what everyone has said, but I have very limited experience with this kind of thing, especially in Thailand. What I’m hearing here is that Thailand is not that different from other countries I have lived in.
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21 minutes ago, bolt said:
i think it was through a Bank, and Magnacarter act on your behalf?
I was looking at ANY option to release some equity and only found this option.
but i didn't go through as the terms and con's were not for me
Ok thanks for that, much appreciation.
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7 minutes ago, ed strong said:
Would not go anywhere near that proposal.
Why do you need another property?
Would like some rental income.
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2 hours ago, bolt said:
I tried this method earlier
and got this response
From MAGNA CARTER The process is as follows: First, we need to value the property for a fee of 4,500 THB and then we receive a report giving us the property value, also checking that it's legal. Once we have that report, we can lend from 50-60% of the value of the property. The terms of the loan is as follows: 1) Period from 6 months up to 5 years. 2) Interest is 12% per year. The first 6 months interest are taken up front then it can be paid monthly. 3) The loan is secured by way of a registered mortgage on the property. The ownership of the property stays in the owner’s name. 4) There is a government fee of 1.1% to be paid (from the total of the loan) for the registering of the mortgage at the land office. We charge a one time fee of 5% of the value of the loan being the set up fee and for us arranging the funds and to make sure the lender is secured through the transaction. Apart from the valuation fee of 4,500THB all the other fees can be deducted from the loan amount. So was this to be a loan thru a bank or a lawyer?
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I presume you are referring to MagnaCarta Legal Services.
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Are there advantages using a Thai govt bank?
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52 minutes ago, bolt said:
I tried this method earlier
and got this response
From MAGNA CARTER The process is as follows: First, we need to value the property for a fee of 4,500 THB and then we receive a report giving us the property value, also checking that it's legal. Once we have that report, we can lend from 50-60% of the value of the property. The terms of the loan is as follows: 1) Period from 6 months up to 5 years. 2) Interest is 12% per year. The first 6 months interest are taken up front then it can be paid monthly. 3) The loan is secured by way of a registered mortgage on the property. The ownership of the property stays in the owner’s name. 4) There is a government fee of 1.1% to be paid (from the total of the loan) for the registering of the mortgage at the land office. We charge a one time fee of 5% of the value of the loan being the set up fee and for us arranging the funds and to make sure the lender is secured through the transaction. Apart from the valuation fee of 4,500THB all the other fees can be deducted from the loan amount. What is source of this? Is this still valid, ie how old is this info?
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1 hour ago, Liverpool Lou said:
For any credibility with a bank, a company applying for a loan would have to be established, trading and have accounts for the bank to check.
Yes this is what I suspect too, but lawyer suggesting this, I am skeptical. They suggest only 3 months of banking records required for business, again I am very skeptical, dont trust lawyers.
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Thank Lou
According to my wife securing a loan easier if the loan is for a company.At present we dont have a company.
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Any advantage to setting up a Thai company with my wife and family members as partners?
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Presently have home with Thai wife, would like to use home as collateral for loan on a new property.
Any info regarding this appreciated.
Recommended banks!
Is there a better forum where this would be more appropriate or more likely to get a response?- 1
Farang with house, want to use as collateral to purchase additional property.
in Real Estate, Housing, House and Land Ownership
Posted
Thank you for this approach, at present just gathering information prior to taking any concrete steps and give me background to ask intelligent questions with regard to financing.
I would probably want to ensure that the loan could be paid back early before term, and not locked into long term interest.