Second Mortgage

[RioMist]

I bought my home in Thailand in 2003 and I would now like to make some improvements, new bathroom, etc etc. My house is fully paid for and in my company name. Is there any Thai bank who specialize in 2nd mortgages? My house is worth 3-4 million baht and would like a second mortgage I estimate of 350000 baht. Any suggestions would be welcome.

[Soutpeel]

You/your Mrs could approach just about any bank, you have collateral, you will not get the Mortgage in your name however...

[RioMist]

You/your Mrs could approach just about any bank, you have collateral, you will not get the Mortgage in your name however...

Oh I have a problem there... My wife is not Thai. My wife is Filipino... but the house is registered in my companies name.. not my own name.

Thanks anyway...

[lannarebirth]

If there is no underlying debt instrument or encumbrence, wouldn't you be applying for "1st" mortgage?

Edited April 18, 2010 by lannarebirth

[flying]

If there is no underlying debt instrument or encumbrence, wouldn't you be applying for "1st" mortgage?

Yes he would actually be applying for a 1st.

Do they have a home equity line of credit type of loan available in LOS?

That would fit the bill best for loan type.

But as for whether he can get it being a company held home I have no idea.

[clinique]

try bank of Ayyutha

if you have no current mortgage they will give you 80% loan

BUT a company borrowing is NOT considered a 'home loan' by Thai banks - it is a businesloan ie higher interest appx 8%pa and max term is 7-10 years.

or try these guys - helped us;;; www.secondhomechiangmai.com

Edited April 18, 2010 by clinique

[quiksilva]

Most Thai banks will provide personal loans (to Thai nationals) using the house as collateral but the interest rates are much higher than the published mortgage rates, and the repayment term tends to be shorter too.