Cash Out After New Construction?

[SNGLIFE]

Is it possible to get a bank loan against the value of a house without showing income or savings? Someone I know has a house for sale worth at least THB 4 million and would like to take out a THB 500k loan from a bank using the house/land as collateral. They would use THB 300k and deposit the other THB 200k in an account to make payments until the house sells, then repay the balance from the sale proceeds.

Anyone know of a bank that does collateral-only backed loans to an unemployed Thai married to a foreigner who does not want to appear in any of the documents? I hear it is common practice for property-owning Thais to get collateral-only loans up-country, but banks seem to demand more than that if the Thai requesting the loan is married to a foreigner. Thanks in advance.

[InterestedObserver]

Oh dear, sounds like another foreigner is about to get a rude awakening! Or am I reading it all wrong.

[donx]

Oh dear, sounds like another foreigner is about to get a rude awakening! Or am I reading it all wrong.

I think you are reading this wrong. It appears to me that the Thai married to a foreigner is trying to sell a house that the Thai already owns. While waiting for the sale to happen the Thai is trying to get a loan using the house as collateral. Once the house sells, the loan would be completely paided off.

OP, Sorry I can't provide any answer to your question. I would assume that getting such a loan shouldn't be too difficult. Then again without proof that the loan can be repaid banks may decide they aren't interested.

[alyx]

One thing is sure: you cannot repay what you owe to the bank with the proceeding of the sale as you need the clearance from the bank to be allowed to sell

Unless you ask for a 500.000 deposit from the willing buyer......who will not buy if the papers are not in order

[alyx]

correct me if I am wrong: you would not even hold the title deed

[PattayaParent]

One thing is sure: you cannot repay what you owe to the bank with the proceeding of the sale as you need the clearance from the bank to be allowed to sell

Unless you ask for a 500.000 deposit from the willing buyer......who will not buy if the papers are not in order

So what you're saying is that no property that has a bank loan against it can ever be sold?

Let me think about that one

[trogers]

This topic is basically about getting a mortgage on the house but the borrower has no record of income nor savings.

OP is asking if anyone knows of a lending bank willing to grant such a mortgage.

[InterestedObserver]

I think you are reading this wrong. It appears to me that the Thai married to a foreigner is trying to sell a house that the Thai already owns.

Exactly!

Anyone know of a bank that does collateral-only backed loans to an unemployed Thai married to a foreigner who does not want to appear in any of the documents?

Who does not want to appear in any of the documents? I still think the wife is trying to do a runner and disappear with the money.

[donx]

Anyone know of a bank that does collateral-only backed loans to an unemployed Thai married to a foreigner who does not want to appear in any of the documents?

Who does not want to appear in any of the documents? I still think the wife is trying to do a runner and disappear with the money.

I read this as meaning that the foreigner doesn't want to appear in any of the documents. In other words, the foreigner has the ability (income) to guarantee the loan but is not willing to be responsible for it in case the house doesn't sell.

Of course I could be completely wrong.

[SNGLIFE]

I read this as meaning that the foreigner doesn't want to appear in any of the documents. In other words, the foreigner has the ability (income) to guarantee the loan but is not willing to be responsible for it in case the house doesn't sell.

Of course I could be completely wrong.

Yes, you are correct.

[InterestedObserver]

I read this as meaning that the foreigner doesn't want to appear in any of the documents. In other words, the foreigner has the ability (income) to guarantee the loan but is not willing to be responsible for it in case the house doesn't sell.

Of course I could be completely wrong.

Yes, you are correct.

So the foreigner wishes to remain anonymous and won't/can't put up THB 300,000 (net) to prevent his wife from having to mortgage the THB 4 million property. Something strange going on here, why jeopardize the property for a fraction of its value. Sheer lunacy, unless the foreigner does not have any equity in the property. .

Edited November 21, 2010 by InterestedObserver

[SNGLIFE]

Because she only wants to use THB 500k of her own assets. Don't hurt yourself imagining things that are not relevant and, therefore, not posted. The question is:

Does anyone know of a bank (from experience) that does these sort of asset-securitized loans in Thailand? Thank you in advance if you know. Thank you in advance for not posting if you do not know.