Global Mortgage Finance
(Thailand Property and Land Finance Specialists)
฿ ฿
Kai Faak is a traditional Thai way of lending that has been around since the Thai revolution. How it works, is that the Land Title Deeds are transferred to the lender in return for THB cash, simple.
Another way of looking at it, is that the lender is buying your property / land at a massively discounted rate. In our case, around 50% of the valuation price. The seller than has a right to live on the land or, use the land for a specified period and than is liable to repay the debt. If the debt is not repaid, than the lender already owns the land therefore, it is considered sold and the borrower would need to vacate.
Lender Terms & Conditions
฿ Interest Rate - 12% Per Annum
฿ Lender Fee - 1.50%
฿ Inspection Fee - THB 0 - THB 10,000 depending on location
฿ Valuation Fee - Subject to size/ location and appraisal company
฿ Early Payment - 2.00%
฿ Term - 1 to 3 Years
Note - All transfer fees, taxes and fees incurred to transfer the title/s are paid by the borrower and can usually be deducted from the loan amount.
Initial Approval
In order to obtain a preliminary loan approval, it is useful to send the essential 3 items:
฿ Google Map Link - To show location of plot
฿ Chanote Copies - Any lower grade land title is not acceptable
฿ Photos - To show real & present condition
Other documents which would help for preliminary approval though not essential are:
฿ Older Valuation Reports - To see how much previously valued
฿ Land Sale Agreements - To see how much the registered sale value is for, at the land office
฿ ID Card / Passport Owner - To see who the owner will be
Preferred Collateral
฿ Beachfront Land
฿ Downtown Bangkok
฿ Good Road Access
฿ Good Size and Shape of Land
Often considered as "Purchasing", the Kai Faak is more a prime location or prime building only type of finance. If the collateral meet a lenders "Preferred" criteria, it can be expected a loan would be imminent and is just a matter of time and negotiation.
It is worth noting than a "Seller" would sometimes try and oversell the land with an unrealistic loan size. These cases are sometimes rejected by a lender for being unrealistic rather than going back with a lower counter offer.
If you are interested to Kai Faak some land or even a building, simply email a copy of the essential 3 to "enquiry@globalmortgagefinance.com" and a loan quotation can be issued within less than a week. along with indicative timescales to finance.
Up to 60% of the Appraisal Value
Up to 3 Year Term (1 Year Renewable)
Money Dispersed within 7 Days after Approval
No Monthly Installments