Financing For Foreigners In Thailand-Asset Rich But Cash Poor

[Canada]

Maybe you would get a more sympathetic hearing at BAAC. ( of course you may have already thought of that and been rejected.)

Hi. I was going to ask what BAAC is and googled it instead. Thais call it Toh Goh Soh and we currently have an application in with them but it has gotten complicated for wifey and looks like it will just get abandoned. What I have learned so far about this organisation is that if you are not assertive in following up with them, your app gets lost.

Thanks for the suggestion.

[jamesdoe1234]

Hi Canada,

I can't believe your taking such a beating on this from the others though a quick read says you've got 4m of asset to secure 3.5m.

Plenty are overlooking the fact you've bought cheap too - probably with a good exchange rate!

The margins your offering are not so healthy. If you were securing at round 50% I'd bet your inbox would be full of people ready to make a nice easy 400k!

Shoot me a PM if anything changes though I don't login all that much.

Cheers

James

[elektrified]

You guys are hilarious...!! A couple of points..... 106 rai of sugarcane. 3rd year. We are producing and earning income. All our land is chanote title. All is in wifes name. Most has usufruct registered on it for the term of the remainder of my life. She farms. I relax. We own everything outright. All of what we do is completely legal in its setup and in its operation. She has been to the bank(s) with me in the background. We can get a loan but it's a complicated process. You are right, I am looking for an easy solution at a good rate. I am too busy-"relaxing". As soon as we get our house built here on the farm (tiling and painting now, I'll have some time to actually pursue the financing. I actually don't need that much money. Operating and living expenses for the remainder of this year. 3-500,000 would do us quite well and we have a house and property in Chiang Mai to secure it...worth a realistic 4,000,000. I would pay 10% for a term of one year. Kasikorn wants 11.5. 15 is stupid, The land that my wife farms has appreciated 2-3 times it's purchase price in the last 2 1/2 years. Now you all have some more info to criticise and judge and theorise about whether it is true or how long it will take for wifey to up and take it all. Knock yourselves out gents.

One poster has touched a couple of good points. I do have a bit of an attitude problem, yes. I don't kiss anyone's ass for any reason. That does not help much in some scenarios but it is good for my sense of self esteem. Part of our problem is (as you put it), wife does not talk business well. She is a good woman and a smart one, but lacks the assertiveness required for some tasks. This is probably the crux of the problem. In any case, I'll solve this problem myself as soon as I get some time freed up.

Happy to have contributed to your sense of self esteem today which seems to come from criticising or belittling other people.

Right...your wife's land value has appreciated 200-300% in 2 1/2 years.

Next time maybe don't invest your money into land in a country where you can't own it.

On the other hand you wife must be doing something wrong. I have seen my partner and her mother walk into a bank and borrow money against their properties and walk out with the money in 2 hours time. Really quite simple here. Something does not sound right with your story.

[jamesdoe1234]

You guys are hilarious...!! A couple of points..... 106 rai of sugarcane. 3rd year. We are producing and earning income. All our land is chanote title. All is in wifes name. Most has usufruct registered on it for the term of the remainder of my life. She farms. I relax. We own everything outright. All of what we do is completely legal in its setup and in its operation. She has been to the bank(s) with me in the background. We can get a loan but it's a complicated process. You are right, I am looking for an easy solution at a good rate. I am too busy-"relaxing". As soon as we get our house built here on the farm (tiling and painting now, I'll have some time to actually pursue the financing. I actually don't need that much money. Operating and living expenses for the remainder of this year. 3-500,000 would do us quite well and we have a house and property in Chiang Mai to secure it...worth a realistic 4,000,000. I would pay 10% for a term of one year. Kasikorn wants 11.5. 15 is stupid, The land that my wife farms has appreciated 2-3 times it's purchase price in the last 2 1/2 years. Now you all have some more info to criticise and judge and theorise about whether it is true or how long it will take for wifey to up and take it all. Knock yourselves out gents.

One poster has touched a couple of good points. I do have a bit of an attitude problem, yes. I don't kiss anyone's ass for any reason. That does not help much in some scenarios but it is good for my sense of self esteem. Part of our problem is (as you put it), wife does not talk business well. She is a good woman and a smart one, but lacks the assertiveness required for some tasks. This is probably the crux of the problem. In any case, I'll solve this problem myself as soon as I get some time freed up.

Happy to have contributed to your sense of self esteem today which seems to come from criticising or belittling other people.

Right...your wife's land value has appreciated 200-300% in 2 1/2 years.

Next time maybe don't invest your money into land in a country where you can't own it.

On the other hand you wife must be doing something wrong. I have seen my partner and her mother walk into a bank and borrow money against their properties and walk out with the money in 2 hours time. Really quite simple here. Something does not sound right with your story.

No need to rub in the fact his wife is not the educated type with a decent banked income.

[thaicbr]

As for the % rate of the mortgage. The 7% you got offered was for a standard mortgage. The 11.5% is for a re-mortgage. It's a fairly simple scenario. You need it. So get it.

You say its difficult to get. Sounds like your lazy and that's why its difficult not because it actually is.

Sell the property in Chiang Mai. Fire sale it. Then plan properly in future.

Sent from my i-mobile i-STYLE Q6

[Canada]

Yeah, I'm lazy. That must be it. Between painting, welding, fixing pumps, installing pumps, supervising workers and house builders, going out for supplies, trying to find some time for wife and kid, farming a hundred freaking rai, I just haven't found the time to get off my sorry ass and down to the bank.

Thanks for your idiot suggestion. It's something that I never thought of.....sell something. Oooooh...you're a smart guy aren't you? Did you actually find the question in the original post?

Oooops. There's my attitude coming out again.

[Canada]

You guys are hilarious...!! A couple of points..... 106 rai of sugarcane. 3rd year. We are producing and earning income. All our land is chanote title. All is in wifes name. Most has usufruct registered on it for the term of the remainder of my life. She farms. I relax. We own everything outright. All of what we do is completely legal in its setup and in its operation. She has been to the bank(s) with me in the background. We can get a loan but it's a complicated process. You are right, I am looking for an easy solution at a good rate. I am too busy-"relaxing". As soon as we get our house built here on the farm (tiling and painting now, I'll have some time to actually pursue the financing. I actually don't need that much money. Operating and living expenses for the remainder of this year. 3-500,000 would do us quite well and we have a house and property in Chiang Mai to secure it...worth a realistic 4,000,000. I would pay 10% for a term of one year. Kasikorn wants 11.5. 15 is stupid, The land that my wife farms has appreciated 2-3 times it's purchase price in the last 2 1/2 years. Now you all have some more info to criticise and judge and theorise about whether it is true or how long it will take for wifey to up and take it all. Knock yourselves out gents.

One poster has touched a couple of good points. I do have a bit of an attitude problem, yes. I don't kiss anyone's ass for any reason. That does not help much in some scenarios but it is good for my sense of self esteem. Part of our problem is (as you put it), wife does not talk business well. She is a good woman and a smart one, but lacks the assertiveness required for some tasks. This is probably the crux of the problem. In any case, I'll solve this problem myself as soon as I get some time freed up.

Happy to have contributed to your sense of self esteem today which seems to come from criticising or belittling other people.

Right...your wife's land value has appreciated 200-300% in 2 1/2 years.

Next time maybe don't invest your money into land in a country where you can't own it.

On the other hand you wife must be doing something wrong. I have seen my partner and her mother walk into a bank and borrow money against their properties and walk out with the money in 2 hours time. Really quite simple here. Something does not sound right with your story.

Yeah Sherlock...I've made it all up to confuse you folks. I just can't stop lying even though there's no reason to lie.

[lemoncake]

Yeah, I'm lazy. That must be it. Between painting, welding, fixing pumps, installing pumps, supervising workers and house builders, going out for supplies, trying to find some time for wife and kid, farming a hundred freaking rai, I just haven't found the time to get off my sorry ass and down to the bank.

Thanks for your idiot suggestion. It's something that I never thought of.....sell something. Oooooh...you're a smart guy aren't you? Did you actually find the question in the original post?

Oooops. There's my attitude coming out again.

so who is doing the painting, welding, installing pumps? If supervising workers, would not they be the ones doing it? and in what language do you supervise them?and why do you need to fix pumps which you installed?

Still confused though, you do all the work, including farming, so what do the workers do who you supervise?

You do not have the money but you building the house?

Must be hard to keep the story straight at times

[Canada]

Hi Canada,

I can't believe your taking such a beating on this from the others though a quick read says you've got 4m of asset to secure 3.5m.

Plenty are overlooking the fact you've bought cheap too - probably with a good exchange rate!

The margins your offering are not so healthy. If you were securing at round 50% I'd bet your inbox would be full of people ready to make a nice easy 400k!

Shoot me a PM if anything changes though I don't login all that much.

Cheers

James

You're joking....right??

[Canada]

You guys are hilarious...!! A couple of points..... 106 rai of sugarcane. 3rd year. We are producing and earning income. All our land is chanote title. All is in wifes name. Most has usufruct registered on it for the term of the remainder of my life. She farms. I relax. We own everything outright. All of what we do is completely legal in its setup and in its operation. She has been to the bank(s) with me in the background. We can get a loan but it's a complicated process. You are right, I am looking for an easy solution at a good rate. I am too busy-"relaxing". As soon as we get our house built here on the farm (tiling and painting now, I'll have some time to actually pursue the financing. I actually don't need that much money. Operating and living expenses for the remainder of this year. 3-500,000 would do us quite well and we have a house and property in Chiang Mai to secure it...worth a realistic 4,000,000. I would pay 10% for a term of one year. Kasikorn wants 11.5. 15 is stupid, The land that my wife farms has appreciated 2-3 times it's purchase price in the last 2 1/2 years. Now you all have some more info to criticise and judge and theorise about whether it is true or how long it will take for wifey to up and take it all. Knock yourselves out gents.

One poster has touched a couple of good points. I do have a bit of an attitude problem, yes. I don't kiss anyone's ass for any reason. That does not help much in some scenarios but it is good for my sense of self esteem. Part of our problem is (as you put it), wife does not talk business well. She is a good woman and a smart one, but lacks the assertiveness required for some tasks. This is probably the crux of the problem. In any case, I'll solve this problem myself as soon as I get some time freed up.

Happy to have contributed to your sense of self esteem today which seems to come from criticising or belittling other people.

Right...your wife's land value has appreciated 200-300% in 2 1/2 years.

Next time maybe don't invest your money into land in a country where you can't own it.

On the other hand you wife must be doing something wrong. I have seen my partner and her mother walk into a bank and borrow money against their properties and walk out with the money in 2 hours time. Really quite simple here. Something does not sound right with your story.

So the land we bought for 45,000 per rai and and were offered 100,000 per rai this year but turned it down because we know we can get 150,000 per rai if we actually wanted to sell it....didn't happen.....right?????

Speaking of wives.....and purchasing land. Do you own any? Or should I say...Did you buy any? Or do you just sponge off your wife and her mother?

[itchybum]

Tough crowd.

I'll give you 500k at 20% and secured with the unencumbered CM property dependant upon inspection, title signed over and you cover the costs.

[metisdead]

Inflammatory and baiting posts and replies have been removed.

[metisdead]

Comments on moderation have been removed. Correct procedure is in this in forum rule:

21) Not to discuss moderation publicly in the open forum; this includes individual actions, and specific or general policies and issues. You may send a PM to a moderator to discuss individual actions or email support (at) thaivisa.com to discuss moderation policy. Members should not block contact with moderators or administrators. Doing so will result in suspension.

You've been publicly warned.

[thaicbr]

Yeah, I'm lazy. That must be it. Between painting, welding, fixing pumps, installing pumps, supervising workers and house builders, going out for supplies, trying to find some time for wife and kid, farming a hundred freaking rai, I just haven't found the time to get off my sorry ass and down to the bank.

Thanks for your idiot suggestion. It's something that I never thought of.....sell something. Oooooh...you're a smart guy aren't you? Did you actually find the question in the original post?

Oooops. There's my attitude coming out again.

As I said lazy. And it would seem incapable of organizing a budget or controlling manpower. Do you intend keeping the house in CM?

Your the one with the cash flow problems. Not me. Sometimes the simple solutions are the best.

Good luck any way

Sent from my i-mobile i-STYLE Q6

[elektrified]

You guys are hilarious...!! A couple of points..... 106 rai of sugarcane. 3rd year. We are producing and earning income. All our land is chanote title. All is in wifes name. Most has usufruct registered on it for the term of the remainder of my life. She farms. I relax. We own everything outright. All of what we do is completely legal in its setup and in its operation. She has been to the bank(s) with me in the background. We can get a loan but it's a complicated process. You are right, I am looking for an easy solution at a good rate. I am too busy-"relaxing". As soon as we get our house built here on the farm (tiling and painting now, I'll have some time to actually pursue the financing. I actually don't need that much money. Operating and living expenses for the remainder of this year. 3-500,000 would do us quite well and we have a house and property in Chiang Mai to secure it...worth a realistic 4,000,000. I would pay 10% for a term of one year. Kasikorn wants 11.5. 15 is stupid, The land that my wife farms has appreciated 2-3 times it's purchase price in the last 2 1/2 years. Now you all have some more info to criticise and judge and theorise about whether it is true or how long it will take for wifey to up and take it all. Knock yourselves out gents.

One poster has touched a couple of good points. I do have a bit of an attitude problem, yes. I don't kiss anyone's ass for any reason. That does not help much in some scenarios but it is good for my sense of self esteem. Part of our problem is (as you put it), wife does not talk business well. She is a good woman and a smart one, but lacks the assertiveness required for some tasks. This is probably the crux of the problem. In any case, I'll solve this problem myself as soon as I get some time freed up.

Happy to have contributed to your sense of self esteem today which seems to come from criticising or belittling other people.

Right...your wife's land value has appreciated 200-300% in 2 1/2 years.

Next time maybe don't invest your money into land in a country where you can't own it.

On the other hand you wife must be doing something wrong. I have seen my partner and her mother walk into a bank and borrow money against their properties and walk out with the money in 2 hours time. Really quite simple here. Something does not sound right with your story.

So the land we bought for 45,000 per rai and and were offered 100,000 per rai this year but turned it down because we know we can get 150,000 per rai if we actually wanted to sell it....didn't happen.....right?????

Speaking of wives.....and purchasing land. Do you own any? Or should I say...Did you buy any? Or do you just sponge off your wife and her mother?

Of course I never bought land in Thailand. Foreigners can't own land here. Why would I buy land I can't own? Duh!

[thaicbr]

You guys are hilarious...!! A couple of points..... 106 rai of sugarcane. 3rd year. We are producing and earning income. All our land is chanote title. All is in wifes name. Most has usufruct registered on it for the term of the remainder of my life. She farms. I relax. We own everything outright. All of what we do is completely legal in its setup and in its operation. She has been to the bank(s) with me in the background. We can get a loan but it's a complicated process. You are right, I am looking for an easy solution at a good rate. I am too busy-"relaxing". As soon as we get our house built here on the farm (tiling and painting now, I'll have some time to actually pursue the financing. I actually don't need that much money. Operating and living expenses for the remainder of this year. 3-500,000 would do us quite well and we have a house and property in Chiang Mai to secure it...worth a realistic 4,000,000. I would pay 10% for a term of one year. Kasikorn wants 11.5. 15 is stupid, The land that my wife farms has appreciated 2-3 times it's purchase price in the last 2 1/2 years. Now you all have some more info to criticise and judge and theorise about whether it is true or how long it will take for wifey to up and take it all. Knock yourselves out gents.

One poster has touched a couple of good points. I do have a bit of an attitude problem, yes. I don't kiss anyone's ass for any reason. That does not help much in some scenarios but it is good for my sense of self esteem. Part of our problem is (as you put it), wife does not talk business well. She is a good woman and a smart one, but lacks the assertiveness required for some tasks. This is probably the crux of the problem. In any case, I'll solve this problem myself as soon as I get some time freed up.

Happy to have contributed to your sense of self esteem today which seems to come from criticising or belittling other people.

Right...your wife's land value has appreciated 200-300% in 2 1/2 years.

Next time maybe don't invest your money into land in a country where you can't own it.

On the other hand you wife must be doing something wrong. I have seen my partner and her mother walk into a bank and borrow money against their properties and walk out with the money in 2 hours time. Really quite simple here. Something does not sound right with your story.

So the land we bought for 45,000 per rai and and were offered 100,000 per rai this year but turned it down because we know we can get 150,000 per rai if we actually wanted to sell it....didn't happen.....right?????

Speaking of wives.....and purchasing land. Do you own any? Or should I say...Did you buy any? Or do you just sponge off your wife and her mother?

Of course I never bought land in Thailand. Foreigners can't own land here. Why would I buy land I can't own? Duh!

I agree it would be dumb to buy to much land that you don't actually own (even as a married couple) and become so over extended that you can't pay the bills or feed the family. Especially if you have unused real estate to sell:)

Op. You are also aware that any personal lien on the land can be canceled at the land office and then reinstated when you have paid back the loan.

Sent from my i-mobile i-STYLE Q6

[jamesdoe1234]

Hi Canada,

I can't believe your taking such a beating on this from the others though a quick read says you've got 4m of asset to secure 3.5m.

Plenty are overlooking the fact you've bought cheap too - probably with a good exchange rate!

The margins your offering are not so healthy. If you were securing at round 50% I'd bet your inbox would be full of people ready to make a nice easy 400k!

Shoot me a PM if anything changes though I don't login all that much.

Cheers

James

You're joking....right??

What's to joke about?, If what your saying is true you've done pretty good here, I'd not consider you a risk - at the right exposure, and if you offer people around 50% ltv secured I am sure you'll get a host of offers around 10%, It's not like the folk here can run a credit check on you/your wifes cash business that's not banked is it? - Asking for 87.5% ltv of what you personally valued your property at is not going to get offers.

Please don't take this as an attack, business is business mate. I like the fact you've invested with your wife.

[Canada]

Hi Canada,

I can't believe your taking such a beating on this from the others though a quick read says you've got 4m of asset to secure 3.5m.

Plenty are overlooking the fact you've bought cheap too - probably with a good exchange rate!

The margins your offering are not so healthy. If you were securing at round 50% I'd bet your inbox would be full of people ready to make a nice easy 400k!

Shoot me a PM if anything changes though I don't login all that much.

Cheers

James

You're joking....right??

What's to joke about?, If what your saying is true you've done pretty good here, I'd not consider you a risk - at the right exposure, and if you offer people around 50% ltv secured I am sure you'll get a host of offers around 10%, It's not like the folk here can run a credit check on you/your wifes cash business that's not banked is it? - Asking for 87.5% ltv of what you personally valued your property at is not going to get offers.

Please don't take this as an attack, business is business mate. I like the fact you've invested with your wife.

PM'd you.

[Canada]

Finally got work cleared up enough to focus on the cash raising aspect of this project. When you've got fires all around you it's pretty hard to focus on something that isn't on fire yet. Prepared a 3 year business plan (yeah a little late), made a list of assets and made a list of what need financing for, how much and for how long. That got my mind straight. Had a shower, shave, put on deodorant,cologne and some real clothes and shoes, went to a bank, got a hundred thousand baht cash advance on my visa and went to Bkk Bank (which I already deal with in Chiang Mai) and opened a joint account with my missus. When the account was done I instructed missus to ask about loans for business and ask who to talk to. We got one guy and I talked to him. Missus clarified some of my poor Thai (which is actually very good) and after a bit he went and got "the" guy. He came and started to be an obstacle. He said, after some basic info seeking questions that we needed to have a quota with the sugar mill to be able to prove income and seeing as we don't we won't need to apply for the loan. Missus was listening and nodding her head. I interrupted him and said that that was our goal but trucks cost 4 mil per and we have just about run out of money buying land, farming and building. Then I asked him if it was not possible to borrow a million with more than 10 as collateral. He kind of twisted his head, paused and said that yes, that was possible. We then went to his desk and he became very helpful. We got a list of requirements, asked some q's of our own, he asked some more of his and as far as I can tell, what we are asking is possible and we'll likely qualify. It'll take about 6-8 weeks to process the application once it's filed. They'll give a loan for up to 5 years at 11%.

I briefed missus on what we were going to do before we went. I spoke, she clarified. We ate ice cream at Swensons before we went to the bank and talked about our other options besides the bank. This helped her feel ok and we went to the bank not nervous.

Although I have for the most part encountered "not very intelligent" responses on this thread, I'll update it with my progress for the people who are interested. I did receive a few offers of loans through this thread, but really only one of them was serious.

Selling and running is not really my style. We made good decisions in buying what we did buy. I just got behind on the financing aspect of the plan because of working too hard on stuff I should've trusted other people to do. I think that if you turn and run when you encounter obstacles, you'll never get anywhere. If you don't trust someone, you'll never get anywhere. If you can't trust your wife enough to invest with her, get out of it, and if you won't risk losing, you'll never win anything.

Edited May 13, 2013 by Canada

[itchybum]

Well, isn't Thailand a great finance hub.

Bank interest rates at what 2% or less.

a loan LVR of 1/10.

And an interest rate of 11%.

By golly, makes my last refinance of the end of last year near criminal.

circa 18mil baht at around 4% with an LVR of 40%

My offer was real by the way until you started to renegotiate.

[Canada]

Well, isn't Thailand a great finance hub.

Bank interest rates at what 2% or less.

a loan LVR of 1/10.

And an interest rate of 11%.

By golly, makes my last refinance of the end of last year near criminal.

circa 18mil baht at around 4% with an LVR of 40%

My offer was real by the way until you started to renegotiate.

It was negotiate, not renegotiate. And yours was the one I was referring to.

[jamesdoe1234]

Well, isn't Thailand a great finance hub.

Bank interest rates at what 2% or less.

a loan LVR of 1/10.

And an interest rate of 11%.

By golly, makes my last refinance of the end of last year near criminal.

circa 18mil baht at around 4% with an LVR of 40%

My offer was real by the way until you started to renegotiate.

It was negotiate, not renegotiate. And yours was the one I was referring to.

Glad to see you got it sorted Canada, sorry we could not do a deal in the end Sir.

Side note question for you Itchybum if I may - are you aware of legal interest rates within the Kingdom of Thailand? I'd be interested to know if he could of defaulted on you legally based on your illegal offer? If you know something please do share Sir? By the way I'm not a do good type picking holes, I am interested.Cheers.

[fletchsmile]

Dr.Naam's was the most accurate post in the thread.

For a decent bank the most important thing is your ability to repay. Collateral is a secondary consideration. This is not the part of the world to lend against collateral. Legal process takes too long.

By running out of money and poor planning OP demonstrated that his ability to manage a loan and repay based on cashflow was poor. Once he gets a business plan together and demonstrates an ability to repay based on cashflow then the bank becomes interested, and he shows himself a better credit.

The reason some banks may lend vs collateral in the west and things like home equity loans are possible are legal reasons and the ability to foreclose and take possession of the asset given as collateral. In the US, UK foreclosure is easier as legal systems are clearer and better. In Thailand the legal system is weaker and foreclosure takes longer. So while the collateral may be worth a lot (in theory), it takes much longer and much more hassle for a bank to get its money back if you default. That time costs money. Valuing collateral is also often an issue in Thailand.

BTW For foreign banks they can't own land either, so have a bigger problem repossessing.

So a bank lends vs ability to repay, and doesn't really want your assets which take years to unwind.

Cheers

Fletch

[fletchsmile]

Dr.Naam's was the most accurate post in the thread.

For a decent bank the most important thing is your ability to repay. Collateral is a secondary consideration. This is not the part of the world to lend against collateral. Legal process takes too long.

By running out of money and poor planning OP demonstrated that his ability to manage a loan and repay based on cashflow was poor. Once he gets a business plan together and demonstrates an ability to repay based on cashflow then the bank becomes interested, and he shows himself a better credit.

The reason some banks may lend vs collateral in the west and things like home equity loans are possible are legal reasons and the ability to foreclose and take possession of the asset given as collateral. In the US, UK foreclosure is easier as legal systems are clearer and better. In Thailand the legal system is weaker and foreclosure takes longer. So while the collateral may be worth a lot (in theory), it takes much longer and much more hassle for a bank to get its money back if you default. That time costs money. Valuing collateral is also often an issue in Thailand.

BTW For foreign banks they can't own land either, so have a bigger problem repossessing.

So a bank lends vs ability to repay, and doesn't really want your assets which take years to unwind.

Cheers

Fletch

[Canada]

Well, isn't Thailand a great finance hub.

Bank interest rates at what 2% or less.

a loan LVR of 1/10.

And an interest rate of 11%.

By golly, makes my last refinance of the end of last year near criminal.

circa 18mil baht at around 4% with an LVR of 40%

My offer was real by the way until you started to renegotiate.

It was negotiate, not renegotiate. And yours was the one I was referring to.

Glad to see you got it sorted Canada, sorry we could not do a deal in the end Sir.

Side note question for you Itchybum if I may - are you aware of legal interest rates within the Kingdom of Thailand? I'd be interested to know if he could of defaulted on you legally based on your illegal offer? If you know something please do share Sir? By the way I'm not a do good type picking holes, I am interested.Cheers.

Thank you. Apologies. It was your offer that I considered a serious offer. 20 % interest...I wouldn't call that a serious offer. A serious offer would be one that is attractive to both parties.

[mccw]

I saw a lawyer recently about loaning to some one with land as collateral. Legally, 15% PA is the limit apparently. Which I was quite surprised about.

[mccw]

I was considering a loan of 4 mill against land of around 9-12mill value. 14.9% pa roling up. All total to pay at end of the 6year term.

I forgot the answer now to this question: is it possible to raise multiple loans against the same land?

[Naam]

I was considering a loan of 4 mill against land of around 9-12mill value. 14.9% pa roling up. All total to pay at end of the 6year term.

I forgot the answer now to this question: is it possible to raise multiple loans against the same land?

I was considering a loan of 4 mill against land of around 9-12mill value. 14.9% pa roling up. All total to pay at end of the 6year term.

I forgot the answer now to this question: is it possible to raise multiple loans against the same land?

14.9% p.a.?

4000000*1.149^6 = 9,204,075

[yoshiwara]

Selling and running is not really my style... I just got behind on the financing aspect of the plan because of working too hard on stuff I should've trusted other people to do. I think that if you turn and run when you encounter obstacles, you'll never get anywhere.

For future reference Eat That Frog! http://www.asianefficiency.com/habits/eat-that-frog-most-important-tasks-morning/

[mccw]

I was considering a loan of 4 mill against land of around 9-12mill value. 14.9% pa roling up. All total to pay at end of the 6year term.

I forgot the answer now to this question: is it possible to raise multiple loans against the same land?

I was considering a loan of 4 mill against land of around 9-12mill value. 14.9% pa roling up. All total to pay at end of the 6year term.

I forgot the answer now to this question: is it possible to raise multiple loans against the same land?

14.9% p.a.?

4000000*1.149^6 = 9,204,075

Yes; it's not too bad is it ? (I am the banker on this one)

Concern is recovering the land or money costs and time but the land should be rising in value I think over this time and more than cover it.