Cavantina Posted October 2, 2015 Share Posted October 2, 2015 Hi everybody, Did anyone have any experience with Thai private lenders? We have a land plot as a collateral. 4M THB required. Any advice please? Link to comment Share on other sites More sharing options...
Soutpeel Posted October 2, 2015 Share Posted October 2, 2015 You mean loan sharks ?....i would say stay well clear of them Link to comment Share on other sites More sharing options...
cyberfarang Posted October 2, 2015 Share Posted October 2, 2015 (edited) Ask one of the locals to put you in touch with the local mafia. They do loans. Not joking, because these are the people you would be getting involved with. Edited October 2, 2015 by cyberfarang Link to comment Share on other sites More sharing options...
rgs2001uk Posted October 2, 2015 Share Posted October 2, 2015 Local pawn shop. Link to comment Share on other sites More sharing options...
blackcab Posted October 2, 2015 Share Posted October 2, 2015 (edited) What is the land office assessed value of the land? Is it land, or are there buildings on the land? If there are buildings, are they commercial or residential? The usual deal is that you will be loaned 50% of the assessed value. You pay 15% interest, and that is deducted at the start, so you only receive 85% of half the assessed value of the land. If you want 4 million in your hand the assessed value needs to be about 9.5 million. The deal is done at the land office and it is recorded against the chanote. The lender keeps the chanote when you are paid out. Quite simply if you do not meet up at the land office within 1 year and repay the debt you automatically lose the land. There are variables. Some lenders won't do business unless you have a visible means to repay the loan. Others will lend a higher ratio if the land is desirable to them. There are actually some polite, decent and honourable people who lend money this way as it is their business. The other way is to deal not with a business person but with a real loan shark. It will cost you more than just the property if you take a loan shark's money. Edited October 2, 2015 by blackcab Link to comment Share on other sites More sharing options...
NickJ Posted October 2, 2015 Share Posted October 2, 2015 There are some decent people that do lend money that way. As I understand it. There are two ways to do it at the Land Dept. A friendly way and a not so nice way . Its all in the wording used on Chanote. If you go this way really check into it. Link to comment Share on other sites More sharing options...
Thongkorn Posted October 2, 2015 Share Posted October 2, 2015 My wife rescued her Cousin , Her cousin borrowed money on her house and land, She was never going to be able to pay it back, All that was happening was the borrower was sitting back and waiting for her to default then claim the land cheap. The Mrs bought the land from her, paid off the debit and paid the difference to her Cousin , thats how the so called big money people make money, Link to comment Share on other sites More sharing options...
Cavantina Posted October 2, 2015 Author Share Posted October 2, 2015 You mean loan sharks ?....i would say stay well clear of them Who are loan sharks? not familiar with the term Link to comment Share on other sites More sharing options...
Cavantina Posted October 2, 2015 Author Share Posted October 2, 2015 What is the land office assessed value of the land? Is it land, or are there buildings on the land? If there are buildings, are they commercial or residential? The usual deal is that you will be loaned 50% of the assessed value. You pay 15% interest, and that is deducted at the start, so you only receive 85% of half the assessed value of the land. If you want 4 million in your hand the assessed value needs to be about 9.5 million. The deal is done at the land office and it is recorded against the chanote. The lender keeps the chanote when you are paid out. Quite simply if you do not meet up at the land office within 1 year and repay the debt you automatically lose the land. There are variables. Some lenders won't do business unless you have a visible means to repay the loan. Others will lend a higher ratio if the land is desirable to them. There are actually some polite, decent and honourable people who lend money this way as it is their business. The other way is to deal not with a business person but with a real loan shark. It will cost you more than just the property if you take a loan shark's money. Thanks for the feedback. Can you recommend someone decent? Im looking for referrals. Link to comment Share on other sites More sharing options...
dennis123 Posted October 2, 2015 Share Posted October 2, 2015 Guess you're better off by just selling the land, you're asking for problems. Link to comment Share on other sites More sharing options...
DLock Posted October 3, 2015 Share Posted October 3, 2015 What is the land office assessed value of the land? Is it land, or are there buildings on the land? If there are buildings, are they commercial or residential? The usual deal is that you will be loaned 50% of the assessed value. You pay 15% interest, and that is deducted at the start, so you only receive 85% of half the assessed value of the land. If you want 4 million in your hand the assessed value needs to be about 9.5 million. The deal is done at the land office and it is recorded against the chanote. The lender keeps the chanote when you are paid out. Quite simply if you do not meet up at the land office within 1 year and repay the debt you automatically lose the land. There are variables. Some lenders won't do business unless you have a visible means to repay the loan. Others will lend a higher ratio if the land is desirable to them. There are actually some polite, decent and honourable people who lend money this way as it is their business. The other way is to deal not with a business person but with a real loan shark. It will cost you more than just the property if you take a loan shark's money. Good and accurate post. Where are you located, or more importantly where is the land, and what land title is it and the assessed value? I know people that do 15% annual loans at the Land Office, one of which is my wife. It's a very straight forward process. You only need to meet once at the land office. If you default, you never have to meet again as you no longer own the land. If you pay back, it's a simple swap of money for land title and a few bits of paperwork. Loan Sharks loan you money technically illegally because it will be way more than the legal 15% per year. They could charge anything from 2% per month to 10% per month, and they usually expect that interest payment monthly. Miss a payment and they have various ways to motivate you to pay. Most people get so far behind in payments that they lose whatever they put up as collateral...usually after a significant payment of interest. Do not consider a loan shark...even at a last resort. Selling the land is a better option. Link to comment Share on other sites More sharing options...
gk10002000 Posted October 3, 2015 Share Posted October 3, 2015 I don't know if any of the peer to peer on line lending sites do business in Thailand. But maybe you can do it online through your home country, and of course provide the Thai property as collateral, and get paid in your home country bank account? Link to comment Share on other sites More sharing options...
50baht Posted October 3, 2015 Share Posted October 3, 2015 Talk to these people. Reasonable rates. Great Lawyer to help transaction. https://www.youtube.com/watch?v=-KhCR1p1eHA Link to comment Share on other sites More sharing options...
steven100 Posted October 3, 2015 Share Posted October 3, 2015 'Did anyone have any experience with Thai private lenders?' There's no such thing as a Thai private lender !! they are called ' loan sharks ' They are notoriously known for killing clients that don't pay. Link to comment Share on other sites More sharing options...
dabhand Posted October 4, 2015 Share Posted October 4, 2015 What is the land office assessed value of the land? Is it land, or are there buildings on the land? If there are buildings, are they commercial or residential? The usual deal is that you will be loaned 50% of the assessed value. You pay 15% interest, and that is deducted at the start, so you only receive 85% of half the assessed value of the land. If you want 4 million in your hand the assessed value needs to be about 9.5 million. The deal is done at the land office and it is recorded against the chanote. The lender keeps the chanote when you are paid out. Quite simply if you do not meet up at the land office within 1 year and repay the debt you automatically lose the land. There are variables. Some lenders won't do business unless you have a visible means to repay the loan. Others will lend a higher ratio if the land is desirable to them. There are actually some polite, decent and honourable people who lend money this way as it is their business. The other way is to deal not with a business person but with a real loan shark. It will cost you more than just the property if you take a loan shark's money. Good and accurate post. Where are you located, or more importantly where is the land, and what land title is it and the assessed value? I know people that do 15% annual loans at the Land Office, one of which is my wife. It's a very straight forward process. You only need to meet once at the land office. If you default, you never have to meet again as you no longer own the land. If you pay back, it's a simple swap of money for land title and a few bits of paperwork. Loan Sharks loan you money technically illegally because it will be way more than the legal 15% per year. They could charge anything from 2% per month to 10% per month, and they usually expect that interest payment monthly. Miss a payment and they have various ways to motivate you to pay. Most people get so far behind in payments that they lose whatever they put up as collateral...usually after a significant payment of interest. Do not consider a loan shark...even at a last resort. Selling the land is a better option. Out of interest. If the borrower defaults on the loan after paying a number of instalments, does the lender pay back the money that has been paid over by the borrower before they defaulted on the loan? Link to comment Share on other sites More sharing options...
Time Traveller Posted October 4, 2015 Share Posted October 4, 2015 What is the land office assessed value of the land? Is it land, or are there buildings on the land? If there are buildings, are they commercial or residential? The usual deal is that you will be loaned 50% of the assessed value. You pay 15% interest, and that is deducted at the start, so you only receive 85% of half the assessed value of the land. If you want 4 million in your hand the assessed value needs to be about 9.5 million. The deal is done at the land office and it is recorded against the chanote. The lender keeps the chanote when you are paid out. Quite simply if you do not meet up at the land office within 1 year and repay the debt you automatically lose the land. There are variables. Some lenders won't do business unless you have a visible means to repay the loan. Others will lend a higher ratio if the land is desirable to them. There are actually some polite, decent and honourable people who lend money this way as it is their business. The other way is to deal not with a business person but with a real loan shark. It will cost you more than just the property if you take a loan shark's money. Good and accurate post. Where are you located, or more importantly where is the land, and what land title is it and the assessed value? I know people that do 15% annual loans at the Land Office, one of which is my wife. It's a very straight forward process. You only need to meet once at the land office. If you default, you never have to meet again as you no longer own the land. If you pay back, it's a simple swap of money for land title and a few bits of paperwork. Loan Sharks loan you money technically illegally because it will be way more than the legal 15% per year. They could charge anything from 2% per month to 10% per month, and they usually expect that interest payment monthly. Miss a payment and they have various ways to motivate you to pay. Most people get so far behind in payments that they lose whatever they put up as collateral...usually after a significant payment of interest. Do not consider a loan shark...even at a last resort. Selling the land is a better option. Out of interest. If the borrower defaults on the loan after paying a number of instalments, does the lender pay back the money that has been paid over by the borrower before they defaulted on the loan? Typically proceeds from the sale of collateral to cover a loan in excess of the debt remaining will be reimbursed to the debtor. Any lender that doesn't do that is breaking the law. Link to comment Share on other sites More sharing options...
rocketboybkk Posted October 4, 2015 Share Posted October 4, 2015 It's been asked already How much is the land worth? Not according to you, family friends or agent BUT the land office? You want 4m The land must be assessed at double Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
blackcab Posted October 4, 2015 Share Posted October 4, 2015 What is the land office assessed value of the land? Is it land, or are there buildings on the land? If there are buildings, are they commercial or residential? The usual deal is that you will be loaned 50% of the assessed value. You pay 15% interest, and that is deducted at the start, so you only receive 85% of half the assessed value of the land. If you want 4 million in your hand the assessed value needs to be about 9.5 million. The deal is done at the land office and it is recorded against the chanote. The lender keeps the chanote when you are paid out. Quite simply if you do not meet up at the land office within 1 year and repay the debt you automatically lose the land. There are variables. Some lenders won't do business unless you have a visible means to repay the loan. Others will lend a higher ratio if the land is desirable to them. There are actually some polite, decent and honourable people who lend money this way as it is their business. The other way is to deal not with a business person but with a real loan shark. It will cost you more than just the property if you take a loan shark's money. Good and accurate post. Where are you located, or more importantly where is the land, and what land title is it and the assessed value? I know people that do 15% annual loans at the Land Office, one of which is my wife. It's a very straight forward process. You only need to meet once at the land office. If you default, you never have to meet again as you no longer own the land. If you pay back, it's a simple swap of money for land title and a few bits of paperwork. Loan Sharks loan you money technically illegally because it will be way more than the legal 15% per year. They could charge anything from 2% per month to 10% per month, and they usually expect that interest payment monthly. Miss a payment and they have various ways to motivate you to pay. Most people get so far behind in payments that they lose whatever they put up as collateral...usually after a significant payment of interest. Do not consider a loan shark...even at a last resort. Selling the land is a better option. Out of interest. If the borrower defaults on the loan after paying a number of instalments, does the lender pay back the money that has been paid over by the borrower before they defaulted on the loan? 15% loans are generally not done as instalment repayments. You either give the lender all the money back in one go, or you don't. Link to comment Share on other sites More sharing options...
blackcab Posted October 4, 2015 Share Posted October 4, 2015 What is the land office assessed value of the land? Is it land, or are there buildings on the land? If there are buildings, are they commercial or residential? The usual deal is that you will be loaned 50% of the assessed value. You pay 15% interest, and that is deducted at the start, so you only receive 85% of half the assessed value of the land. If you want 4 million in your hand the assessed value needs to be about 9.5 million. The deal is done at the land office and it is recorded against the chanote. The lender keeps the chanote when you are paid out. Quite simply if you do not meet up at the land office within 1 year and repay the debt you automatically lose the land. There are variables. Some lenders won't do business unless you have a visible means to repay the loan. Others will lend a higher ratio if the land is desirable to them. There are actually some polite, decent and honourable people who lend money this way as it is their business. The other way is to deal not with a business person but with a real loan shark. It will cost you more than just the property if you take a loan shark's money. Good and accurate post. Where are you located, or more importantly where is the land, and what land title is it and the assessed value? I know people that do 15% annual loans at the Land Office, one of which is my wife. It's a very straight forward process. You only need to meet once at the land office. If you default, you never have to meet again as you no longer own the land. If you pay back, it's a simple swap of money for land title and a few bits of paperwork. Loan Sharks loan you money technically illegally because it will be way more than the legal 15% per year. They could charge anything from 2% per month to 10% per month, and they usually expect that interest payment monthly. Miss a payment and they have various ways to motivate you to pay. Most people get so far behind in payments that they lose whatever they put up as collateral...usually after a significant payment of interest. Do not consider a loan shark...even at a last resort. Selling the land is a better option. Out of interest. If the borrower defaults on the loan after paying a number of instalments, does the lender pay back the money that has been paid over by the borrower before they defaulted on the loan? Typically proceeds from the sale of collateral to cover a loan in excess of the debt remaining will be reimbursed to the debtor. Any lender that doesn't do that is breaking the law. They are not breaking the law in Thailand. The way it works with a 15% loan is that if you don't repay the loan you automatically lose the land. The lender owns the land and it is theirs to do with as they wish. The lender does not have to ever sell the land. If they do sell the land and they make a spectacular profit they owe the previous owner nothing. Link to comment Share on other sites More sharing options...
meatboy Posted October 5, 2015 Share Posted October 5, 2015 You mean loan sharks ?....i would say stay well clear of them Who are loan sharks? not familiar with the term if you dont know what a loan shark is,big teeth,very dangerous,and you will have to pay back 2x the amount borrowed. EASY EH. oh you will need a bullet proof vest. dont do it you might end up with one big heep trouble. T.I.T. and if your not familier with the term. GOOD LUCK. Link to comment Share on other sites More sharing options...
Pib Posted October 5, 2015 Share Posted October 5, 2015 And the loan shark might decide to hurt (or even kill) you if not repaying...at a minimum they are going to cause grief in your life. And when they say X-amount of interest that is probably "not" going to be the annual interest rate but the monthly interest rate. I think everyone knows the reputation associated with a "shark." Link to comment Share on other sites More sharing options...
CMguy Posted October 5, 2015 Share Posted October 5, 2015 What's a troll? I am not familiar with the term. Link to comment Share on other sites More sharing options...
Pib Posted October 5, 2015 Share Posted October 5, 2015 What's a troll? I am not familiar with the term. Link to comment Share on other sites More sharing options...
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