Borrowing Money On A Condo To Buy Another

[billyboy]

I was wondering if someone could see if this scenario could be true .Because this is what I plan to do if its possible.

I am Australian living in Australia.This is my plan.

To buy a condo this year for about 1 million baht.Because i will not have much money left over,I plan to go to a THai Bank and borrow against that property to buy another.For example,give them the title deeds and borrow say 600000 b to buy another condo and rnt that out too ,paying back the bank,trouble is,I dont know if Thai banks will do this for foreigners.

Does anyone know if they will lend if i put a condo down as security,or they just dont lend money to forigners full stop?

[TizMe]

I believe that they will lend you money for "improvements" on an existing property (ie the first condo) that can then be used to purchase a second condo for the cash., but I don't know what percentage of the original condo's value that they would lend.

[Digger]

Billy - I suspect you have as much chance of getting a mortgage from a Thai bank for a condo as you do in suceeding in your planned business venture to open a cafe.

Yes mortgages can be obtained from Thai banks by foreigners, however they are generally only give to people who have enough wealth, not to really need a mortgage in the first place. Many wealthy farang use mortgages here to generate more wealth by using cheap money assured by their collateral. Everyone I now who has a mortgage here and is farang has at least 10,000,000 baht in assets here, often considerably more. Has worked (with a work permit) for at least 2 years and holds a senior position with a well financed company or they own their own business(es).

[dr_Pat_Pong]

I was wondering if someone could see if this scenario could be true .Because this is what I plan to do if its possible.

I am Australian living in Australia.This is my plan.

To buy a condo this year for about 1 million baht.Because i will not have much money left over,I plan to go to a THai Bank and borrow against that property to buy another.For example,give them the title deeds and borrow say 600000 b to buy another condo and rnt that out too ,paying back the bank,trouble is,I dont know if Thai banks will do this for foreigners.

Does anyone know if they will lend if i put a condo down as security,or they just dont lend money to forigners full stop?

<{POST_SNAPBACK}>

I see you as a troll Bill. Get bright or get out. At least stick to the same or similar story. YOU ARE WARNED

[Harmonica]

I was wondering if someone could see if this scenario could be true .Because this is what I plan to do if its possible.

I am Australian living in Australia.This is my plan.

To buy a condo this year for about 1 million baht.Because i will not have much money left over,I plan to go to a THai Bank and borrow against that property to buy another.For example,give them the title deeds and borrow say 600000 b to buy another condo and rnt that out too ,paying back the bank,trouble is,I dont know if Thai banks will do this for foreigners.

Does anyone know if they will lend if i put a condo down as security,or they just dont lend money to forigners full stop?

And the 200,000 Baht to your Thai boyfriend? Have you given him the money already? And, this loan -- proceeds go to him? The condo?

[billyboy]

Sorrrrry I didnt mean to be a troll,its just i have a hard time making up my mind what i want to do right now.