Snake on side of road On Nut

[inquisitive]

I have an American friend in Thailand who has lived here on retirement visas for at least ten years. During that time he has pretty much started a life here in Thailand and has a Thai family. He purchased two condos in Bangkok in his own name for around 9 million baht total and another house upcountry in his wife’s name. For various reasons he is looking to raise something like 1-2 million baht cash which he I sure he will not need for more than 24 months, though it’s more likely that it will be paid back in a year. Not being a citizen (nor holding a work permit) he has been told by some banks that a loan would not be possible. The fact that he is around 62 years old doesn’t help much either since the banks here apparently have never thought of having the borrower purchase life insurance in the amount of the loan with the bank as the beneficiary. They just have a policy of we don’t loan money to anyone over 60.

He doesn’t want to sell a condo, but he is willing to sign over a condo to his wife if that would make everything work. He thins that maybe she could get the loan using the condo as collateral, but even then he isn’t sure what kind of loans might be possible because his wife is currently unemployed.

So I’m seeking the wisdom of the group so that I can advise my friend. What should he be doing to get access to a couple of million baht for only 1-2 years maximum? He’s a little concerned about going to a bank with one story and then returning the next day with another one. He’d like to at least have a feel for what’s possible and what’s not.

Any thoughts?

[toffo9]

wife should be able to get a loan if she owns condo.. my gf just bought a new fiesta and took her mums book for the house and she got the car

[colinthailand20005]

I am no expert but it might be worth considering using off shore branch of a Thailand bank to obtain a mortgage on one of his properties. I am sure there are other members on this website that can provide more input than me.

The interest rate will be higher than Thailand, and there might be early settlement charges, I just don't know enough about it, but your chances of obtaining finance in Thailand are very low indeed without a work permit and due to your age.

[colinthailand20005]

wife should be able to get a loan if she owns condo.. my gf just bought a new fiesta and took her mums book for the house and she got the car

How did she obtain the car finance? What deposit was required? What company was it with? (I am very interested because I have had no luck anywhere)

Car finance has always been easier to obtain in any country due to the easiness of repossessing the vehicle, now doing this with a condo is a different matter.

[aurelius]

The banks will want someone with an income to be responsible for the loan. Its possible for a non-earning wife to be the borrower and the earning husband to be the guarantor; and this logic may extend to other family members - but at the end of the day someone needs to show earnings in order to satisfy the banks and the bank of thailand. Even credit cards are given based on income.

any income from the condo's?? rental? pension income? these may help..

The basic structure of mortgaging an existing property to draw down cash is common (even foreigners can draw up to 5MB for personal loan purposes) - its just showing the ability to repay which is missing.

[ericthai]

You said he bought a house up country and it's in his wifes name. Depending on the value of that house she should be able to get loan. If she has farm land she can go to the agriculture bank, seems they give loans fairly easy. My wife's sister got a loan from them using her land as collateral and she does not have a job to show how to repay the loan, guess they figure she will grow rice or something to make money to pay it back. If the house is worth 5 million or more and there is no loan against she should be able to get a loan.

I have hear ex-pats can get a loan, but only 30% of the value of the property. Also, I cant recall where I saw it, but I saw something I think here on Thaivisa about getting a mortgage for property here, but dealing with the banks in Singapore. Made do a search for that.

Good Luck!!

[TongueThaied]

What interest rate is he willing to pay?

[Kalbo]

wife should be able to get a loan if she owns condo.. my gf just bought a new fiesta and took her mums book for the house and she got the car

How did she obtain the car finance? What deposit was required? What company was it with? (I am very interested because I have had no luck anywhere)

Car finance has always been easier to obtain in any country due to the easiness of repossessing the vehicle, now doing this with a condo is a different matter.

I can't comment on the previous poster's experience, but I managed to get a loan of B250,000 baht for my car from a financing company. I paid 65% deposit on the car and borrowed the rest.

I have a non-imm B visa plus work permit. The financing company also asked for proof of employment, which they double checked (phoned the company I work for). The loan was for 24 months.

Considering all this and the relatively small amount I borrowed, I'd say that get a million baht loan would be extremely difficult.

[toffo9]

wife should be able to get a loan if she owns condo.. my gf just bought a new fiesta and took her mums book for the house and she got the car

How did she obtain the car finance? What deposit was required? What company was it with? (I am very interested because I have had no luck anywhere)

Car finance has always been easier to obtain in any country due to the easiness of repossessing the vehicle, now doing this with a condo is a different matter.

I can't comment on the previous poster's experience, but I managed to get a loan of B250,000 baht for my car from a financing company. I paid 65% deposit on the car and borrowed the rest.

I have a non-imm B visa plus work permit. The financing company also asked for proof of employment, which they double checked (phoned the company I work for). The loan was for 24 months.

Considering all this and the relatively small amount I borrowed, I'd say that get a million baht loan would be extremely difficult.

Girlfriend put 10 percent down and car was 699k baht.... I think farangs have problems getting loans but could not believe how easy gf got a car.. she drove it out of the garage after 1 hour...

[rgs2001uk]

wife should be able to get a loan if she owns condo.. my gf just bought a new fiesta and took her mums book for the house and she got the car

How did she obtain the car finance? What deposit was required? What company was it with? (I am very interested because I have had no luck anywhere)

Car finance has always been easier to obtain in any country due to the easiness of repossessing the vehicle, now doing this with a condo is a different matter.

I can't comment on the previous poster's experience, but I managed to get a loan of B250,000 baht for my car from a financing company. I paid 65% deposit on the car and borrowed the rest.

I have a non-imm B visa plus work permit. The financing company also asked for proof of employment, which they double checked (phoned the company I work for). The loan was for 24 months.

Considering all this and the relatively small amount I borrowed, I'd say that get a million baht loan would be extremely difficult.

Girlfriend put 10 percent down and car was 699k baht.... I think farangs have problems getting loans but could not believe how easy gf got a car.. she drove it out of the garage after 1 hour...

Does the girlfried have a regular job, or was the loan signed by a guarantor?

[toffo9]

No job just a guarantor

[CharlieH]

Wife doesnt work, got a second hand car for 10% deposit, but Dad had to guarantor, drove out after an hour or so, recently purchased brand new car, 30% deposit NO guarantor needed (she's not working).

Seems buying a car 2nd hand or Brand New is no problem.

Suggest OP tries again, like many things in Thailand just because one says no doesnt mean they all will. Use the wife and do it in her name and should be no problem, she has the property and security etc.

Edited June 25, 2011 by CharlieH

[Dancealot]

What interest rate is he willing to pay?

Hahahaha

[mccw]

When I was buying my house (about 3years ago) and looking at loan options Bangkok bank were offering up to 50% of property value, but the arrangment fees were about 50,000bht and interest rate high at almost 10%pa. I would of had to show proof of earnings (from abroad no problem) and I was on a non imm o visa. Don't know about age restrictions though.

Something else he might try maybe savills international (the property company) who I think do finance or atleast could connect him with some one that does.

[drdredd2012]

I am in a bit of a sticky situation. I earn a decent teachers salary but my demanding thai gf wants the dowery two months before the wedding. I arranged myfinances to pay for the wedding in january.any advice or where to turn for some quick cash

[Soutpeel]

I am in a bit of a sticky situation. I earn a decent teachers salary but my demanding thai gf wants the dowery two months before the wedding. I arranged myfinances to pay for the wedding in january.any advice or where to turn for some quick cash

Mummy and Daddy in Farangland ?

[Gary A]

The first thing a farang has to prove is that they don't need the money. After you prove that, you may or may not get a loan. Probably not. Your Thai wife may get a loan if she has an long income history and her income is sufficient to assure the bank that she is able to pay the payments.

I'm really not trying to be a smart ass but unfortunately I think you'll find that my information is accurate.

[Soutpeel]

The first thing a farang has to prove is that they don't need the money. After you prove that, you may or may not get a loan. Probably not. Your Thai wife may get a loan if she has an long income history and her income is sufficient to assure the bank that she is able to pay the payments.

I'm really not trying to be a smart ass but unfortunately I think you'll find that my information is accurate.

Agreed...he will not get an unsecured cash loan from a Thai bank...its that simple....I would suggest he gets his incumbent wife to take out the loan and he pay the installments

[samran]

I'm confused. If the OP needs the money, yet is confident that he can pay it back within 12 months - why doesn't he just sell one of his condo's use the money he needs, and then pay himself back in 12 months.

Much easier than dealing with a bank which is just going to knock him back anyway, and there certainly won't be any interest charged if he sells his asset.

If the money repaid is such a 'sure thing' in 12 to 24 months, condo sale would be easiest.

[Naam]

I am in a bit of a sticky situation. I earn a decent teachers salary but my demanding thai gf wants the dowery two months before the wedding. I arranged myfinances to pay for the wedding in january.any advice or where to turn for some quick cash

some of them seem to be born every thirty seconds