Financing new construction as mortgage

[Geogrf]

My Thai wife and I are wanting to finance new home construction with selected developer in Thailand (chanote, freehold). Developer wants incremental payments until finished. We want a mortgage in the end. Both of us have good careers in U.S. and credit, but some Thai banks require that she works in Thailand. Is there a bank we can work with to get our financing? Suggestions? We can`t be the first!

[Crossy]

Without a local income you're going to struggle I'm afraid.

 

We both work in Thailand (Wifey is my PA) and got a Construction Loan from SCB which was converted to a mortgage when the house was completed. Actually, it took so long for them the approve the construction loan that they only actually paid out literally a month before the house was finished (I'd paid of course).

 

SCB certainly used to be one of the more flexible banks, it can't hurt to talk to everyone.

 

[khunPer]

On 11/29/2019 at 10:23 AM, Geogrf said:

Is there a bank we can work with to get our financing? Suggestions? We can`t be the first!

My next door neighbor, a British couple, build with loan and mortgage. The farang-management construction firm had an offer from an Australian mortgage company, I think they covered up to 50 percent of the actual costs. I however never asked about any details, in our farang-way-of-thinking it would be impolite.

 

You might check if any construction companies have any service of that kind.

[ThomasThBKK]

4 hours ago, khunPer said:

My next door neighbor, a British couple, build with loan and mortgage. The farang-management construction firm had an offer from an Australian mortgage company, I think they covered up to 50 percent of the actual costs. I however never asked about any details, in our farang-way-of-thinking it would be impolite.

 

You might check if any construction companies have any service of that kind.

Called seller financing, example: https://web.archive.org/web/20180130161851/http://www.theplacencia.com:80/real-estate/financing-your-purchase

Often big downpayment, 5-10 year amortization and then a balloon payment at the end. 

 

Op, if you have property in the US, you can get a home equity line of credit (HELOC) from your US bank, borrowing against the US property, they often pay out around 75% of appraisal value on not too bad terms.

 

Another option is to use a self-directed IRA. You can basically use your IRA to buy overseas property, but the rules around that are complicated and i don't know the details.

 

The last option would be to get a personal loan in the US, an unsecured loan, if you have excellent creditscore you can get around 100k USD max afaik.

[RAZZELL]

Maybe try UOB - wife got a mortgage partly based on foreign earnings when we lived in the UK - but also had her sister on the book.

 

(This was for an already built house - by Property Perfect - I think they had a deal with the Bank)

 

RAZZ

[chrisandsu]

Just start putting money into a Thai bank and keep recycling it . Builders will give anyone a loan ! they don’t need to know you have a job just that your bank statements says you have money coming into the account .