Thai Ltd Company - Borrowing From Bank

[simon43]

I posted a few times about the hotel that I'm building in Phuket for disabled tourists. The infrastructure is about 80% complete, and I have funded this construction with revenue from my UK software business.

We want to open the hotel in time for the high season - that's November/December. But we need to pay for some big-ticket items, such as the special swimming pool with disabled access etc.

Here's the problem. My UK business can only fund about 500,000 baht each month. If I have to pay for the big-ticket items from my UK funds, then we will not be ready to open for business until around next February..... not so good because we miss a lot of the high season.

I was therefore wondering if it is possible for my Thai company to borrow sufficient funds (about 1.5 million baht), using as security the chanote for land that it owns in Phuket, (worth about 7 million baht).

Of course, I could ask my bank! But they are in BKK and I'm in Phuket. I don't want to waste time/money to travel to BKK if the stock answer is always no!!

Any advice appreciated!

Simon

[~G~]

Dunno if it answers your question, but I got a call from Standard Chartered the other day, offering loans with no collaterals, up to 3M baht for SMEs. Crazy interest rates, but who cares if you only need it for a few months.

Anyway, 1.5M baht is not a lot, and I'd guess the answer to your question is yes, but I am not sure they will be as quick with it as you need them to be.