A Little Two Bedroom Place..

[the_numbers]

I have a limited knowledge of people who choose to invest in property here and live. I am a serial renter for numerous reasons..

 

However, I have an interesting query put to me by a friend recently that I could not answer off hand. So, I thought I'd get some "expert" input. How can someone who is not Thai secure a mortgage to purchase a house overseas or condo.. specifically an American.

 

I know a Thai luk krung who didn't sort out his citizenship when he was younger. He's now moved back to Thailand got a wife and his first kid Happy guy but making small cash and needs to take out a long term mortgage for his future. Meanwhile, he's getting all the piles of paperwork from the family to prove he is Thai.

 

He asked me point blank. Can I get a loan or take out a mortgage on a place here from the states. My initial answer was, "no... from the UK you can especially if you have property back home through someone like HSBC, but I don't think Americans can.."

 

Am I wrong?? Does he have to wait for his Thai citizenship to clear and then hit up a Thai Bank?? or since he legally works in Thailand can he hit up a Thai Bank for a mortgage as a foreigner??

 

Little help..

 

Cheers,

 

theNumbers

[PP]

As a foreigner he can get a mortgage from a Thai Bank but needs a Thai guarantor, which can be the company he's working for, or his wife or wife's family.