Mortgage
- thighlander
- I've got nothing better to do
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- Posts: 80
- Joined: Mon Jun 20, 2011 10:29 am
- Location: Phoenix, USA
Hard money is a lot different than an FHA or conventional loan. 30 points is not 30% interest. It does mean you will add on 30% to the loan amount. Tben your raye would be 11%.
Just asking for a friend but has anyone got any recent information about which Banks might lend to a foreigner?
They recently visited the following with no luck:
ANZ
Canadia (would have lent if it had been in their district)
Cambodia Public Bank
Vattanac
Philip Bank
Acledia
Most of them needed a marriage certificate. The property is hard title but it's not a condominium. My friend has a Cambodian nominee for the name on the title. They just need to borrow a small portion of it about $40,000
They recently visited the following with no luck:
ANZ
Canadia (would have lent if it had been in their district)
Cambodia Public Bank
Vattanac
Philip Bank
Acledia
Most of them needed a marriage certificate. The property is hard title but it's not a condominium. My friend has a Cambodian nominee for the name on the title. They just need to borrow a small portion of it about $40,000
said Tiggerdog!
- thighlander
- I've got nothing better to do
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- Posts: 80
- Joined: Mon Jun 20, 2011 10:29 am
- Location: Phoenix, USA
Some of you may find this interesting regarding real estate loans. Many of you have watched the plethora of real estate shows on various forms of TV. House Hunters, Property Brothers, This Old House, etc... There is one that you may recall filmed mostly in Southern California. It's called "Flip or Flop." It's the one with the really hot, hot blond wife. They buy distressed properties, do a bang up job fixing them (always go over budget), but usually sell at a pretty good mark-up. There have probably been about 50 episodes. They pay an average of close to 500K per house. Now here is the interesting part....on one episode the terms of their financing were revealed. They borrow the full cost of the house from an independent investor. Then use their own money for the rehab,,,but still run short on cash. Now the shocker...they pay 8% interest...for a 3 month term. So their APR is 32%, which is probably the maximum allowable by law in California. So when you are planning to do something involving financing in Cambodia, just remember what the "perfect couple" are paying in California, for a loan secured by a first deed of trust, with an insured rock solid title, in a very hot market.