Mortgage Mission.... Impossible ?

[jlelouer]

Hi,

I've been working in Thailand for 4 years, i'm not married, I have a Work Permit and a pretty high salary of 200k/month. I've bought last year a condo that should be finished in June. I need to transfer 90% of 1.85 M, ie 1.66 MTHB. Considering my salary and the loan amount I need to get, I thought the deal would be easy... But it seems that no Thai banks would provide me loans, and the deals with UOB / Bankgkok Bank seem compromised as the value of my condo is below the minimum value to get an offshore loan in Singapore (!!!) , + it's crisis time, so they seems to freeze their loans to foreigners!!

Any idea ?? Any bank that would be interested to get an additional customer ??

[hhgz]

With very few exceptions, farangs can't get mortgages, your salary and WP notwithstanding. It's hard to believe that you sat around for a year, without trying to get this settled. "Oh my goodness, I need 1.66m THB in two months. What the heck am I supposed to do?"

[Boater]

as it is such a small amount, maybe you could get finiance from the developer?

also , have you gone to see your bank manager?

cheers

boater

[Chaimai]

So you paid a 10% deposit without securing the 90% balance

Som nam nar

[jcon]

Hi,

I've been working in Thailand for 4 years, i'm not married, I have a Work Permit and a pretty high salary of 200k/month. I've bought last year a condo that should be finished in June. I need to transfer 90% of 1.85 M, ie 1.66 MTHB. Considering my salary and the loan amount I need to get, I thought the deal would be easy... But it seems that no Thai banks would provide me loans, and the deals with UOB / Bankgkok Bank seem compromised as the value of my condo is below the minimum value to get an offshore loan in Singapore (!!!) , + it's crisis time, so they seems to freeze their loans to foreigners!!

Any idea ?? Any bank that would be interested to get an additional customer ??

Deal directly with the developer. They will probably want to work something out with you, because they probably don't want extra inventory on their hands if you bail on your unit. It's a small amount relative to what you earn, so you should be able to pay it off in 1 year or so (i.e. if you move in, then no more rent, pay 140k per month toward the balance, live frugally on the remaining 60k for a year and you're done - hopefully).

I would ask the developer - tell them your situation, tell them you make enough to cover payments, even show your pay-slips of you need... if they aren't stupid, they should finance you, especially if they ask for a nice fat rate of interest.

[trogers]

With very few exceptions, farangs can't get mortgages, your salary and WP notwithstanding. It's hard to believe that you sat around for a year, without trying to get this settled. "Oh my goodness, I need 1.66m THB in two months. What the heck am I supposed to do?"

Could be that he was one of those queuing up to get booking papers to resell for a profit. When the bubble burst, he is stuck after trying hard to sell those papers for a year, and now looking to get funds for the transfer.

[loong]

You've been working for 4 years with a salary of 200,000 Baht/month and not been able to save?

As already suggested talk to the developer. Luckily the buyers are not lining up at the moment so you should be able to cut a deal.

[jcon]

Idea #2:

Between now and transfer (which I don't believe will actually occur in June, anyway given the track record of developer's transfer dates in Thailand), scrounge up 466k and pay that to the developer (less than 10K GBP, shouldn't be too difficult, on 200k/year for 4 years you've got smt saved, right???).

Then I will loan you the balance of 1.2 million for 1 year, at a 15% interest rate, but the condo goes in my name in the meantime... you pay, you get the condo back... you don't, well - business is business.

Did I just offer to be a loan-shark?

Maybe I can go "Heng-ing" and next stop, pawn shop!!!

[trogers]

I don't see how getting a local loan can help. A foreigner must show a bank statement (TT3) that he has transferred into Thailand foreign currency to pay for 100% the price of the condo. Without this TT3, the land department will not allow the title transfer.

[think_too_mut]

I don't see how getting a local loan can help. A foreigner must show a bank statement (TT3) that he has transferred into Thailand foreign currency to pay for 100% the price of the condo. Without this TT3, the land department will not allow the title transfer.

True, for a foreigner purchasing a condo in Thailand. If there are multiple names (owners) and only 1 is a foreigner, again, all 100% must come afresh from overseas.

The whole 100% must be transferred from overseas. Any deposits paid will be refunded into a Thai bank account, even if opened only for that purpose (that is OK, no work permit needed).

[bojo]

Some real estate development yields are around 7%. I imagine many private investors would be interested in lending the money to you if you we're to cut a deal and offer more to wet their appetite. You might have to give the title as security, depending on the investor.

Advertise for an investor and see what response you get.

regards Bojo

[think_too_mut]

Some real estate development yields are around 7%. I imagine many private investors would be interested in lending the money to you if you we're to cut a deal and offer more to wet their appetite. You might have to give the title as security, depending on the investor.

Advertise for an investor and see what response you get.

The "investor" must be willing to give the money to go to a foreign bank where from it will be transferred to Thailand for "purchase of a condo in Thailand".

Half way through, once the money is overseas, it's akin of a Nigerian scam. I would like to see how many bite that. And what "security" they would seek.

[jcon]

Not if the "investor" is a dual-national

[think_too_mut]

Not if the "investor" is a dual-national

How would that help?

The borrower could be a dual national too, surrender his passport to the investor and unless locked up while the transaction is in progress, flee Thailand on another one.

If the transaction was a multi-million (dollars) and companies involved, it might work, but for such a paultry money I doubt.

[jcon]

Not if the "investor" is a dual-national

How would that help?

The borrower could be a dual national too, surrender his passport to the investor and unless locked up while the transaction is in progress, flee Thailand on another one.

If the transaction was a multi-million (dollars) and companies involved, it might work, but for such a paultry money I doubt.

Which is why in my "idea #2" post, I suggested that in the interim, the condo would be transferred into my (or the investor's) name. That way it's effectively the 'investor's' condo acquired at 1.2 million THB until paid off by the debtor.

[bojo]

Forgive me, but is it not possible to purchase a condo as a foreigner with funds from within Thailand. If that is possible would there be outright ownership/freehold for that foreigner.

I'm assuming that the OP is not considering a Thai as a potential investor.

Regards Bojo

[think_too_mut]

Forgive me, but is it not possible to purchase a condo as a foreigner with funds from within Thailand. If that is possible would there be outright ownership/freehold for that foreigner.

It is NOT possible. Anyone not holding a Thai ID card MUST transfer the funds from overseas, full amount, no shits with deposits.

Even if someone is purchasing a condo in his and (Thai) wife's name - all funds must come from overseas. One foreign name - 100% of funds must come from overseas.

BKK Bank had a way around it - to lend the money in Singapore to an (foreign) applicant living and working within Thailand but that money still appears as a foreign origin money.

We saw posts (and press news) on this forum about BKK bank abandoning that practice.

[bojo]

Nice to know.

Cheers Bojo