Royal Approval for 23 Gambling Activities, Including Bull Races and Mahjong

[The Fatman]

At the moment I need a very short term cash loan. Can anyone please tell me where in Chiang Mai I can obtain some cash without jumping through a million hoops - banks are out I am foreigner and do not work here etc etc (they find a million reasons for not wanting to help).

In the longer term I need to be able to factor invoices raised by my business to improve cash flow. Also a possible business loan (venture and working capital) to keep my business going and get it set-up correctly.

We have an IBC registered in Belize that is 60% Thai owned and can provide some fiscal records for the last year or so if necessary.

[email protected]

[kblaze]

"to keep my business going and get it set-up correctly"

is your business established or not?

[brit1984]

maybe the Thai person/people who own 60% could obtain credit from the bank

informal lenders will require some form of collateral or ridiculous interest rates

[yoshiwara]

What's the buy-in for the investor?

[Naam]

no bank/lender will make any money available based on the existence of an offshore company if there are no assets as collateral within his jurisdiction.

it also begs the question "why a 60% Thai share in an offshore company?" as offshore companies are not allowed to conduct any business in Thailand or hold shares in a Thai company.

[The Fatman]

The offshore company was formed last year when I was working in Mongolia but being paid and therefore taxed in Australia - very heavy taxes compared to here or Mongolia and I question their right to tax me on money I did not earn in Australia. At the time my understanding was that as a foreigner I can not buy land in Thailand, true, but a 60% Thai owned business can. It now turns out that that business must also be registered here too. In the main I work from Chiang Mai and earn most of my money outside Thailand or from non Thai sources so I maintain the IBC for that purpose. We have a very short term cash flow issue because our son crashed a motorbike and we've had to cover the costs associated with all that. We do not need a great deal until the next invoice is paid.

I very much understand reluctance to lend to non locals - but even trying to secure a mortgage on property with some equity in it has been impossible as a bit of a go getter I find it harder and harder to deal with people telling me why I can't do something.

I've even contacted two debt factoring firms here in Thailand and to date have had no reply from either - very frustrating.

As for the business I've not worked through a full business plan with costings yet. I do have a book that is more or less ready to go and will be pretty much unique to my field (Eng DC/DM) - there are other books but they deal with manufacturing/PLM and I deal with Projects/Operations for Oil/Gas, Mining and Civil - its with one publisher who may pay me and two others who I would have to pay to quote me on and I'm more than happy to split royalties with anyone who would fund the publication and leave copyright with me.

[The Fatman]

My "business" is at the moment providing my services through third party providers to yet others as a trainer and/or consultant in my field. I'm keen to be able to cut out the middle men, develop a full curriculum for my trade and have it "certificate" recognised in Asia (appears to be more easily said than done) then launch that curriculum online as a course doable in 2 or 3 levels with up to 15 or 20 units across the levels the online thing may also include Internet tv/video and/or internet radio (and part/full time in Tech Colleges/Uni's).

The curriculum itself is not far away but what the requirements for recognition appears to be messy eg. in Singapore it is not controlled by the Ed Department but by each individual Tech College or Uni the course might be taken up by! I'm still investigating if IACET certification is recognised in SE Asia and if it is I may head down that path but it is expensive.

[yoshiwara]

It would be expected that a factoring firm would be looking at a longer term contract and the amounts involved. They are not really interested in what appears to be a request for a short-term bridging loan. The other thing to bear in mind is that a factoring company would be looking at a payments history ie regularity of payment and not financing a start-up operation or one with no substantial trading record. If the loan required is relatively small and for a short period and is a must do, then selling your car or other valuables is one option. No shares etc to liquidate?

[The Fatman]

My needs are triple barreled. Factoring will be a long term thing and I have history of working as a consultant so that is no problem.

Finance in the short term is just a small payday like loan and there is not a lot to sell its been a difficult 12 months but the future is looking a lot better. I do have superannuation in Aussie but getting pre 55 is incredibly difficult and in Aussie it can't be used as security.

Finance in the long term is about getting the consulting business set-up and running correctly but I need to work a plan on that yet I'm doing some "marketing" on LinkedIn but really need much more than that etc

For the time being I will try to find some odd jobs teaching English as a temp and continue to work on the book and building a curriculum for some people in Africa on my trade/profession and invoice accordingly.

Thank You everyone for your comments.

[brit1984]

^ i think now isn't the time to write a book as payback would likely be long term (and there will be costs for publishing/ marketing/ etc) - maybe better to try getting some consulting work with previous clients for a discounted rate in return for full/partial payment upfront

if part of the funds required are to pay creditors, it may be worth talking to them as they (presumably) already know and trust you and hence coming to an agreement with them on adjusted terms should be easier (and cheaper) than taking out a high interest short term loan

if you really want and need something like a pay day loan, your thai friends / associates WILL know someone in the area who offers such services but interest rate will be ridiculously high and the result of any default to them could be physically painful (or worse)

Edited November 3, 2013 by brit1984

[The Fatman]

The book is a long term thing. At the moment its with 3 publisher - 2 who I'd have to pay and 1 that may pay me (which means reduced royalties).

The consulting work is ongoing in Africa and I'm working hard on scaring up some more elsewhere too. Unfortunately at my skill level most employers tend to shy away even on short term temporary jobs and others just do not recognize they have problems that need to be resolved (at least at the moment).

My Thai partner and family/friends do not know where there may be a "tally" man in Chiang Mai. My understanding is they used to operate out of malls or that personal lending businesses that do payday type loans did but I get the impression that a revised credit act may well have done for them.

[pete66]

All I'll say is if your Thai "people" are telling you you can't get short-term unsecured loans here, they aren't being truthful with you. Because of course you can. If you can read Thai, you will see stickers attached to telephone boxes and poles with numbers on. There are hundreds.

Hopefully your Thai friends are just protecting you (and themselves), as everyone knows these loans are given out by gangsters.

You won't get money anywhere else, period. Thailand is not a place that gives out money to foreigners, the opposite in fact.

All I can suggest is working on stuff that produces cash, now, teaching whatever .......... seems a bit obvious but you seem focused on long-term "dreams" that are currently costing your money when are you in the financial mire right here and now.

[brit1984]

^ maybe your Thai family / friends are too respectable / wealthy to know such people but if you (or one of your Thai friends) ask around the security guards / tuk-tuk drivers / local grannies who play cards / etc - they will have such contacts - but (as you know) should be a last resort

not sure whether your idea of teaching English will bring in much cash but maybe you could 10-15 students signed up (and paid in advance) for a month / more course it could help

good luck

[Riley'sLife]

Does your Thai family hold any chanote title land?

[ianf]

Try Shane Halton. An Australian who is brilliant at business. You might find him on Facebook.

[bitcoinbob]

are you american with good credit try lendingclub.com if not try crowdfunding better alternative, contact me for details

[The Fatman]

I'm an Aussie. My focus in short and medium term. The book much longer. At the moment the IBC is used for consulting but other than LinkedIn posts and having my resume on (I lost count) job boards I do not have the marketing skills or finances to market it correctly. I can not approach anyone I have done work for in the last year or more (other than when I have taught English - it does not bring in much but some) and I tried handing out fliers in the Night Bazaar some months ago and placed free ads too [even as a consultant for my profession too] to no avail because all the work came thru third party agencies and I am prevented from going direct. I will follow the Aussie lead and take the advice of avoiding the "tally man" lenders. Thank You all.

[SjaakNL2013]

As I see it even the soi dogs will not loan you a satang. Your Thai partner is an option that stay open.

And be honest.. would you loan a guy like you a satang ? To much danger to see the money fly out and never see anything back.