How Can I finance a Condo in Thailand When the Bank Says NO?
The very concept of the Cube Pattaya's financing options were born from the banks saying no. When Thai banks followed the lead of their western cousins and began to tighten lending regulations it became all but impossible to get financing in Thailand without perfect credit, and/or having a Thai co-signer. Unless of course you are willing to put down 50% toward the price of your condo AND be able to pay off the remainder in 10 years or less, with an interest rate in excess of 8%!
No Thank you!
The Developers of Cube Pattaya, Tudor Group Thailand, have been developing real estate in Thailand and the UK for over three decades. The partners are expats living in Pattaya and are very much aware of banks denying credit applications to people who can afford the payments because they just don't meet the new stricter criteria or are foreigners’ unable access the facility of borrowing in Thailand. Banks also can't put the human element in their decision-making process the way developer lead financing can.
Why did the Cube begin offering financing to interested investors?
No less than 10 buyers, that had a sizeable down payment and decent credit wanted to purchase in the Cube Condo in Pattaya in one year. Many had been living and working in Thailand for some years, and some were locals. Despite their ability to pay the banks said no. These buyers were obviously disappointed because although they could still afford to buy a condo in Pattaya for cash, it would be in an older condo with much lower standards that depreciates in value.
There were other buyers that were not outright denied but the finance terms were not reasonable. Asking for 50% down and then coming up with payment plans that would make the payments into the 40,000 baht range per month, with no long term payment options, was just not feasible to them.
These were not reckless buyers being denied, these were hard working people who could afford a down payment and they could afford a reasonable monthly payment. However reasonable monthly payments tend to disappear if you have to repay a mortgage over a very short term.
The Cube Bridges the Financing Gap – When the Bank says No
If you are interested in owning a condo in Pattaya and financing suits you please contact [email protected] today and Simon will help answer any other questions you may have about financing a condo at the Cube with many different options to suit.