new business loan

[new business]

Hope you can advise:

In Europe a newly registered ltd company can take a bank loan in the new company's name if a personal guarantee is also given by the owner- is this the case in Thailand?

• The company owns 3 rai of land valued at over 4 million
• The loan will be used to build business premises on this land
• The loan would be personally guaranteed by the main shareholder who has a monthly income going through his personal account of 250,000 baht (not from the new company but other businesses)

Would like to know if a personally guaranteed, business loan is possible in Thailand before formally approaching the bank.

Thank you in advance for your guidance and help.

[Sunbelt Asia]

There are no real hard and fast rules here, some banks will and some banks won't. It can even vary from branch to branch!

Your best option would be to take the paperwork and all documentation to several banks for an evaluation. Although you should be aware that many banks will be reluctant to evaluate until you actually submit your loan application.

[sunbeltlegal][/sunbeltlegal]