L&H - Financing, Etc Etc.

[DougLee]

I Just today saw my dream house at Land and House, its still being built. The project has 10 houses and 2 are left. It's what i have always been looking for.

On the financing paper, unlike other moobaans, there is no downpayment written. only 100 000 contract and then it says 43 000/month for 25years for a 6.9mb house. thats 15mil so double the price.

My question is. Is land and house special? can you really get a house for 5% or less down payments?(i could easly get the 5% obviously) My gf has a shop that nets her 100 000baht a month(its food and its always busy, first month it brought in over 200 000 if you dont count the costs of food, rent, workers.. most thai restaurants make no money for months at the beginning ) but its still very new and her previous declared work was about 30 or 40k per month for 1 year only, before that its a hole for a few years, and before that i am unsure.. lots of small jobs like working a bank, a decent shop but nothing extravagant.

Would we be able to get a huge loan there easily because its l&h and they can always turns a profit selling your house quick after you cant pay? We just bought a 2.6mb house and are still paying the downpayment since its in construction (we want to give 30-40%) we would obviously sell it asap if we could get L*H and that development is in high demand so it would not take more than a week or 2é

Sorry for the blabbering, hopefully someone understands and can help me. I am going crazy, i just love this lakeside house.

PS: i dont have a declared income but its above 200 000 per month, no taxes if that changes anything

Also there is something i dont understand, she tells me no matter what, thai banks require you to have a lot of money sitting in your account.. which we cant do because i use all my money for my own investments, or to buy stuff, pay monthly payments, etc etc.

[trogers]

L&H as a developer does not give mortgages. Only banks do. Ask some banks, including the one tied with L&H for this development.

[DougLee]

I tried talking to banks but i dont really see the point as the people working there are not qualified to do anything but press buttons.. I mean.. they cant even print a bank statement with my address printed in non-thai letters. 5 banks, 9 different tellers. 6 hours. How could they answer my questions about housing

[trogers]

I tried talking to banks but i dont really see the point as the people working there are not qualified to do anything but press buttons.. I mean.. they cant even print a bank statement with my address printed in non-thai letters. 5 banks, 9 different tellers. 6 hours. How could they answer my questions about housing

You need to ask to speak with the bank manager or the officer in charge of housing loans/mortgages.

[DougLee]

ok. But do you happen to know if banks that work with L&H are more flexible when you buy from that well known company? My gf usualy dealt with all of this for medium condos and they were very hard to deal with.

My logicical thinking was that. at like 50k per month for 25years(no dp), they make double the money. If somehow i am one of those that cant pay, they keep my payments and then sell the house at the same price or higher value since it's a crazy nice house. Would make no sense to refuse someone even if its a 6 million something loan and that our declared salary is only 100k with not much $ left in the bank

My gf works 15hrs a day so it will be hard to go to the bank, but i'll do my best

Edited December 8, 2010 by DougLee

[dave111223]

My logicical thinking was that. at like 50k per month for 25years(no dp), they make double the money. If somehow i am one of those that cant pay, they keep my payments and then sell the house at the same price or higher value since it's a crazy nice house. Would make no sense to refuse someone even if its a 6 million something loan and that our declared salary is only 100k with not much $ left in the bank

If you stopped paying the loan L&H wouldn't keep the house, the bank would repose the house and sell it at auction. This process costs the bank money and may not even cover the full mortgage amount (that's why they don't just give out loans with no down payment to anyone with no proof of income just because it's a "crazy nice house").

[trogers]

My logicical thinking was that. at like 50k per month for 25years(no dp), they make double the money. If somehow i am one of those that cant pay, they keep my payments and then sell the house at the same price or higher value since it's a crazy nice house. Would make no sense to refuse someone even if its a 6 million something loan and that our declared salary is only 100k with not much $ left in the bank

If you stopped paying the loan L&H wouldn't keep the house, the bank would repose the house and sell it at auction. This process costs the bank money and may not even cover the full mortgage amount (that's why they don't just give out loans with no down payment to anyone with no proof of income just because it's a "crazy nice house").

There still are loads of 'crazy nice houses' for auctions across the US from the sub-prime fiasco...

http://www.businesspundit.com/sub-prime/

Edited December 8, 2010 by trogers

[eljeque]

If L & H is "offering" this mortgage arrangemnt, and they are more than likely doing it through a bank, find out from them which bank it is and who you should see at that that bank.

[mark5335]

If L & H is "offering" this mortgage arrangemnt, and they are more than likely doing it through a bank, find out from them which bank it is and who you should see at that that bank.

Could be their own banking affiliate...LH Bank