Financing For Foreigners In Thailand-Asset Rich But Cash Poor

[Canada]

Hi. Back home if you have a property deed unencumbered with liens or mortgages you can walk into pretty much any bank and set up a line of credit. Does not seem to be the same way here in Thailand.

I have 7 properties, farm equipment, 2 houses, 100+ rai of sugarcane and have run out of money due to poor planning on my part. We have been to a couple of banks and the local farmers bank and so far all we encounter is obstacles. It seems that the system is set up for loan sharks to do a good business by offering easy, secured loans.

I need an easy 1 year term, reasonable rate, small, secured loan. Any ideas or offers??

[lemoncake]

For starters you do not own any of it. Either the company or your gf does.

So the first step would be to apply for business loan if in the company name and second put your gf back to work, so she can borrow with you as a guarantee

[Time Traveller]

"Back home if you have a property deed unencumbered with liens or mortgages you can walk into pretty much any bank and set up a line of credit." -

And that pretty much describes the reason why so many western banks needed bailing out. No responsible banker would lend money without proof of your ability to pay it back. (I.e. your income.).

Edited April 5, 2013 by Time Traveller

[Soutpeel]

I need an easy 1 year term, reasonable rate, small, secured loan. Any ideas or offers??

How about a loan shark...?

I am going to bite..how much you need and whats your collateral ?

[Canada]

I need an easy 1 year term, reasonable rate, small, secured loan. Any ideas or offers??

How about a loan shark...?

I am going to bite..how much you need and whats your collateral ?

If you are looking to start out loan sharking....not with me please. There is one just down the road who many people in this area have lost their land to. No thanks. Do you know the rate of interest that loan sharks charge in this country?? Most of them charge 20 %...per month.

If you are genuinely interested, PM me with details of your requirements. I'll do the same.

[55Jay]

Banks want money, not farms and land. Holding assets through a default is not really what a bank is interested in doing.

Your circumstances seem to be leaning toward family loan, or loan shark- or keep trying the banks. You might want to seek out a guy on here called Jim Collister, who always struck me as the sort of guy who got invested up country for the long haul, might of been in your shoes at one point.

Last, you've been around TV long enough to know your post touches a few favorite key notes, so it's a bit like standing hip-deep in waves at a S. African beach with a bloody tuna in one hand and a I Love Sharks sign in the other.

Best of luck sorting out your predicament and hope you don't end up with the village loan guy.

Edit to add: Why don't you consider selling one/some of your owned assets to recapitalize instead of taking a loan?

Edited April 5, 2013 by 55Jay

[davejones]

The easiest solution is to sell one of your properties.

How can you pay back the loan if you don't have any money. You've already admitted that you're not good at financial planning, so I can't see why a bank would lend you money. They want to lend to people that have the ability to pay back and that can plan properly. Even if they have your property as collateral, they don't want the hassle.

[taninthai]

Am I missing something here you have all that property and land ,you or the wife must have some chanotes ,I thought the banks will lend agaisnt land and houses with chanotes no problem.

[lemoncake]

Am I missing something here you have all that property and land ,you or the wife must have some chanotes ,I thought the banks will lend agaisnt land and houses with chanotes no problem.

The land and houses can only be in the company name, or the gf/wife name, i am assuming so is everything else.

He goes to the bank and ask for personal loan offering company's assets as a collateral.? or goes with his wife/gf asking for a loan (if in her name) with no proof of her having any money to purchase it all to start with?

Any bank would say no to both scenarios.

But OP is clearly to smart to realize that, so i better piss off as he stated.

[Phronesis]

sell something...should of thought that was a no brainer...

[55Jay]

Am I missing something here you have all that property and land ,you or the wife must have some chanotes ,I thought the banks will lend agaisnt land and houses with chanotes no problem.

The land and houses can only be in the company name, or the gf/wife name, i am assuming so is everything else.

He goes to the bank and ask for personal loan offering company's assets as a collateral.? or goes with his wife/gf asking for a loan (if in her name) with no proof of her having any money to purchase it all to start with?

Any bank would say no to both scenarios.

But OP is clearly to smart to realize that, so i better piss off as he stated.

Oi, I was trying to give him the benefit of a very slim doubt like, he's a Thai Canadian or something, ya' never know, instead of jumping to the "one born every minute" conclusion, which is, generally speaking, 99.4% correct.

~ Best way to get out of a hole is to stop digging.

~ Never invest more than you can walk away from (especially if you can't own it)

I'm sure there are a few more. Let's hear 'em. -AGAIN

Edit to add: "Again"

Edited April 5, 2013 by 55Jay

[lemoncake]

Am I missing something here you have all that property and land ,you or the wife must have some chanotes ,I thought the banks will lend agaisnt land and houses with chanotes no problem.

The land and houses can only be in the company name, or the gf/wife name, i am assuming so is everything else.

He goes to the bank and ask for personal loan offering company's assets as a collateral.? or goes with his wife/gf asking for a loan (if in her name) with no proof of her having any money to purchase it all to start with?

Any bank would say no to both scenarios.

But OP is clearly to smart to realize that, so i better piss off as he stated.

Oi, I was trying to give him the benefit of a very slim doubt like, he's a Thai Canadian or something, ya' never know, instead of jumping to the "one born every minute" conclusion, which is, generally speaking, 99.4% correct.

~ Best way to get out of a hole is to stop digging.

~ Never invest more than you can walk away from (especially if you can't own it)

I'm sure there are a few more. Let's hear 'em.

None from me

All the best to OP

PS. Credit cards charge 20% up interest being unsecured, but OP thinks loan sharks charging 20% is too much for the very same thing

[55Jay]

Am I missing something here you have all that property and land ,you or the wife must have some chanotes ,I thought the banks will lend agaisnt land and houses with chanotes no problem.

The land and houses can only be in the company name, or the gf/wife name, i am assuming so is everything else.

He goes to the bank and ask for personal loan offering company's assets as a collateral.? or goes with his wife/gf asking for a loan (if in her name) with no proof of her having any money to purchase it all to start with?

Any bank would say no to both scenarios.

But OP is clearly to smart to realize that, so i better piss off as he stated.

Oi, I was trying to give him the benefit of a very slim doubt like, he's a Thai Canadian or something, ya' never know, instead of jumping to the "one born every minute" conclusion, which is, generally speaking, 99.4% correct.

~ Best way to get out of a hole is to stop digging.

~ Never invest more than you can walk away from (especially if you can't own it)

I'm sure there are a few more. Let's hear 'em.

None from me

All the best to OP

PS. Credit cards charge 20% up interest being unsecured, but OP thinks loan sharks charging 20% is too much for the very same thing

Killjoy.

[Soutpeel]

I need an easy 1 year term, reasonable rate, small, secured loan. Any ideas or offers??

How about a loan shark...?

I am going to bite..how much you need and whats your collateral ?

If you are looking to start out loan sharking....not with me please. There is one just down the road who many people in this area have lost their land to. No thanks. Do you know the rate of interest that loan sharks charge in this country?? Most of them charge 20 %...per month.

If you are genuinely interested, PM me with details of your requirements. I'll do the same.

Seeing as you have responded such...best of luck to you, as regards PM anyone, your the one that looking not me..

Edited April 5, 2013 by Soutpeel

[Canada]

Am I missing something here you have all that property and land ,you or the wife must have some chanotes ,I thought the banks will lend agaisnt land and houses with chanotes no problem.

That has not been my experience so far.

[falang07]

If the bank refuses to borrow you money, they must have a reason to believe it is not a safe investment for them, most probably because you are not the real owner of the properties. Loan sharks or sell, simple as that, no other way. I would not lend any money to a farang owning "his" properties in a Thai GF name and I doubt anyone would. We must accept that in this country, our rights are not the same as back home where you can get a loan, have a company in your name, have properties in your name, etc. In here, you are supposed to spend and lose your money.

Edited April 6, 2013 by falang07

[yoshiwara]

It is a mistake to assume that a Western Bank would currently advance a loan supported by capital.

The key test is income. That is the criteria for advancing a loan. Income to support the loan repayments.

Running out of money suggests that the income flow would not support this.

The assets would be a backing for that loan, but the question arises as to whether those assets are the property of your ThaiGF or a registered company. In which case are you applying for a business loan or a personal loan on behalf of your GF? If you have been operating up to now on a purely cash basis and the cash flow has gone into reverse, then outside of disposal of assets at firesale prices, the price of which will depend on the urgency of the situation, or persuasion of a.n. other to buy in, or loan shark, the final option is walk away. In Thailand cash is king, queen and all the courtiers.

[britgent]

No one will loan to you as effectively you are just free labour on your wife's land.

Sent from my i-mobile IQ 6A using Thaivisa Connect Thailand mobile app

[theoldgit]

Abusive post and reply removed.

[Langsuan Man]

Typical TV poster. Comes here and asks a question and then argues with the answer..... if you are not going to like the answer, then don't ask the question

[Naam]

Am I missing something here you have all that property and land ,you or the wife must have some chanotes ,I thought the banks will lend agaisnt land and houses with chanotes no problem.

it is a problem as the banks primary interest is the return of the loan with interest and not the potential disposal of collateral in case the debtor efaults on his payments.

but... as opposed to some opinions banks will overlook their primary interest and hand out loans if the collateral's value is a multiple of the loan value and rather easy to dispose/liquidate.

[mccw]

Am I missing something here you have all that property and land ,you or the wife must have some chanotes ,I thought the banks will lend agaisnt land and houses with chanotes no problem.

The land and houses can only be in the company name, or the gf/wife name, i am assuming so is everything else.

He goes to the bank and ask for personal loan offering company's assets as a collateral.? or goes with his wife/gf asking for a loan (if in her name) with no proof of her having any money to purchase it all to start with?

Any bank would say no to both scenarios.

But OP is clearly to smart to realize that, so i better piss off as he stated.

Oi, I was trying to give him the benefit of a very slim doubt like, he's a Thai Canadian or something, ya' never know, instead of jumping to the "one born every minute" conclusion, which is, generally speaking, 99.4% correct.

~ Best way to get out of a hole is to stop digging.

~ Never invest more than you can walk away from (especially if you can't own it)

I'm sure there are a few more. Let's hear 'em.

None from me

All the best to OP

PS. Credit cards charge 20% up interest being unsecured, but OP thinks loan sharks charging 20% is too much for the very same thing

Killjoy.

Credit card 20% per annum

Loan shark he said 20% per month! And secured against the land

[mccw]

Legally the highest % on a mortgage allowed is 15% though; so loan shark should not legally be able to take over your land if you pay this back / this is worse term possible to written on back the chanort; but he may demand a higher number recorded than recieved to account for the interest.

[lemoncake]

Am I missing something here you have all that property and land ,you or the wife must have some chanotes ,I thought the banks will lend agaisnt land and houses with chanotes no problem.

The land and houses can only be in the company name, or the gf/wife name, i am assuming so is everything else.

He goes to the bank and ask for personal loan offering company's assets as a collateral.? or goes with his wife/gf asking for a loan (if in her name) with no proof of her having any money to purchase it all to start with?

Any bank would say no to both scenarios.

But OP is clearly to smart to realize that, so i better piss off as he stated.

Oi, I was trying to give him the benefit of a very slim doubt like, he's a Thai Canadian or something, ya' never know, instead of jumping to the "one born every minute" conclusion, which is, generally speaking, 99.4% correct.

~ Best way to get out of a hole is to stop digging.

~ Never invest more than you can walk away from (especially if you can't own it)

I'm sure there are a few more. Let's hear 'em.

None from me

All the best to OP

PS. Credit cards charge 20% up interest being unsecured, but OP thinks loan sharks charging 20% is too much for the very same thing

Killjoy.

Credit card 20% per annum

Loan shark he said 20% per month! And secured against the land

Right, so to get it straight

20% per annum is too much

He wants someone to give him easy 1 year term, which means pay as he likes,

Also to be at a cheap rate

And be secured by absolutely nothing, because legally he can not own the land or the houses, so it will be secured by a signature of a shareholder(minority shareholder)

Where do i sign up for such a great deal?

[mccw]

OP

My in laws have taken loans against existing assets based on past farming income and asset value. Its quite common. I don't know why your facing such problems. Maybe because you are a falang. Try sending just your wife if she is the title holder. Or her and a relative who's maybe similar loans.

Or sell something.

How much do you need and for what?

To see through the gap between harvests or you have a hole that isn't easy to fill? Like on going medical problems? If the latter a serious think about total plan / situation maybe needed before running up debts and slowly loosing everything.

[mccw]

Am I missing something here you have all that property and land ,you or the wife must have some chanotes ,I thought the banks will lend agaisnt land and houses with chanotes no problem.

The land and houses can only be in the company name, or the gf/wife name, i am assuming so is everything else.

He goes to the bank and ask for personal loan offering company's assets as a collateral.? or goes with his wife/gf asking for a loan (if in her name) with no proof of her having any money to purchase it all to start with?

Any bank would say no to both scenarios.

But OP is clearly to smart to realize that, so i better piss off as he stated.

Oi, I was trying to give him the benefit of a very slim doubt like, he's a Thai Canadian or something, ya' never know, instead of jumping to the "one born every minute" conclusion, which is, generally speaking, 99.4% correct.

~ Best way to get out of a hole is to stop digging.

~ Never invest more than you can walk away from (especially if you can't own it)

I'm sure there are a few more. Let's hear 'em.

None from me

All the best to OP

PS. Credit cards charge 20% up interest being unsecured, but OP thinks loan sharks charging 20% is too much for the very same thing

Killjoy.

Credit card 20% per annum

Loan shark he said 20% per month! And secured against the land

Right, so to get it straight

20% per annum is too much

He wants someone to give him easy 1 year term, which means pay as he likes,

Also to be at a cheap rate

And be secured by absolutely nothing, because legally he can not own the land or the houses, so it will be secured by a signature of a shareholder(minority shareholder)

Where do i sign up for such a great deal?

I dont know; I assumed the land would be in his wife's name. 10 to 15% on a one year repayment secured against a chanort sounds about right.

[lemoncake]

Am I missing something here you have all that property and land ,you or the wife must have some chanotes ,I thought the banks will lend agaisnt land and houses with chanotes no problem.

The land and houses can only be in the company name, or the gf/wife name, i am assuming so is everything else.

He goes to the bank and ask for personal loan offering company's assets as a collateral.? or goes with his wife/gf asking for a loan (if in her name) with no proof of her having any money to purchase it all to start with?

Any bank would say no to both scenarios.

But OP is clearly to smart to realize that, so i better piss off as he stated.

Oi, I was trying to give him the benefit of a very slim doubt like, he's a Thai Canadian or something, ya' never know, instead of jumping to the "one born every minute" conclusion, which is, generally speaking, 99.4% correct.

~ Best way to get out of a hole is to stop digging.

~ Never invest more than you can walk away from (especially if you can't own it)

I'm sure there are a few more. Let's hear 'em.

None from me

All the best to OP

PS. Credit cards charge 20% up interest being unsecured, but OP thinks loan sharks charging 20% is too much for the very same thing

Killjoy.

Credit card 20% per annum

Loan shark he said 20% per month! And secured against the land

Right, so to get it straight

20% per annum is too much

He wants someone to give him easy 1 year term, which means pay as he likes,

Also to be at a cheap rate

And be secured by absolutely nothing, because legally he can not own the land or the houses, so it will be secured by a signature of a shareholder(minority shareholder)

Where do i sign up for such a great deal?

I dont know; I assumed the land would be in his wife's name. 10 to 15% on a one year repayment secured against a chanort sounds about right.

Again if the land is in wifes name, why would they give HIM loan? and after doing some checking, why would they give her loan when they are well aware its not her's but his

I did FIRST post what to do, now after reading his responses, i am confident, he is not looking for a genuine loan but rather for a scam.

PS. not even once he mentioned word "wife" there is only "we" so i doubt there is a wife, perhaps GF.

10%-15% is not far from 20% and no headaches

10%-15% does require monthly payments, he wants "easy terms"

Edited April 6, 2013 by lemoncake

[mccw]

When married people talk about "thier" this or that I always expect it the royal "we" collective and the actual title holder would be the one getting the loan.

[mccw]

I often say "my land" when really I mean my wife's land.

[lemoncake]

When married people talk about "thier" this or that I always expect it the royal "we" collective and the actual title holder would be the one getting the loan.

Yes, but you also did suggest to send her alone, which means you understand how things work here, while he does not seem to have a clue.

Not to mention, AGAIN after a quick check, bank can see everything was acquired by him, not her.

Banks are not as stupid as they appear you know.

NO doubt he showed his shiny personality as well, when "they" were refused instead of asking how "they" could and what needs to be changed.