Thai Company Loan

[churchill]

My Company has been now restructured so that I am no longer majority share holder - so in effect it is a thai company . I have just finished building a house on a plot ( worth over 25 million ) and would like to borrow to build on house on a second plot I own . The intention to sell the 1st house and live in the 2nd . The building costs of house 2 about 15 million - Has anyone any experience of how easy or not it is for a Thai Company to borrow - giving the 1st house as security ? Will they release the loan in stages as building proceeds ?

[rainman]

One word: Lawyer.

[eljeque]

My experiences and nothing more.

I am building two small houses.

The two land plots are in my friend's wife's name.

She borrowed many years ago to buy a house far more expensive than these; paid it off; and figured it would be easy again.

She has had a good-paying job at the same company for 15 years.

The bank told her that they would be happy to lend to her.... on a completed house.

If I read your post right, I think that it would be easier for you to borrow on the first house, use the money to build the second one, and then sell the first one, paying off the loan with the proceeds.

[Wekhin]

I am positive you can borrow by using the first completed house as collateral provided it is debt free.

A loan for construction by using land as collateral is also possible. However, the amount will be much less than land value, probably 50-60%.