i gave out a large loan to a 3 star general
i gave out a large loan to a 3 star general
so the loan was recommended to me from the manager of a major local bank which i have a great relationship with. good interest and the person asking for the loan had excellent credit, large company with govt. contracts and good collateral. i opted for not meeting the general in person and keep my identity undisclosed. the bank keeps 1% of the interest for taking care of everything.
the bank refused the Gen. a loan since he was already paying back a loan for his new villa (now paid fully) and the manager recommended me to provide him with the capital he needed to buy new construction equipment immediately.
the contract started at 3% a month for a 2 month loan.
however the contract has punitive term for delays which increse the monthly interest every month after the first 2, and it is cumulative.
the general now repaid 50% of the principal amount if including the interest its about 60%.
however he keeps delaying and making excuses only being able to pay the still growing interest (next month will reach 6%!) the collateral (a land big enough for a borey on the outskirts of town and some trucks) is worth about 4 times the still outstanding principal amout.
the general keeps begging the bank for more leeway and wants to speak with me in person which i refused categorically as since he doesn't know who i am he cant play any tricks or taking advantage of the fact that i am not local.
i understand that the interest is getting silly and the guy is tied to the govt. payment delays at this point the lawyer recommends to go after the land, however the bank says to wait at least until he pays interest (now he is just able to pay the interest and not the principal) .
i know going after the land now is a dick move since he paid partiality (the contract states clearly that if he doesnt pay back the full amount i can take the land and i dont need to give back a dime of the amount paid).
He can sell the trucks (which are worth only 10% of the collateral) but the local municipality knows that the land is used as a collateral and wont allow any trick (bank holds the title for me anyway).
i am not sure on the best route now, until he pays at least the interest i believe i won't take any action following the bank advice.
any recommendations?
p.s. i will remove this post after few hours
the bank refused the Gen. a loan since he was already paying back a loan for his new villa (now paid fully) and the manager recommended me to provide him with the capital he needed to buy new construction equipment immediately.
the contract started at 3% a month for a 2 month loan.
however the contract has punitive term for delays which increse the monthly interest every month after the first 2, and it is cumulative.
the general now repaid 50% of the principal amount if including the interest its about 60%.
however he keeps delaying and making excuses only being able to pay the still growing interest (next month will reach 6%!) the collateral (a land big enough for a borey on the outskirts of town and some trucks) is worth about 4 times the still outstanding principal amout.
the general keeps begging the bank for more leeway and wants to speak with me in person which i refused categorically as since he doesn't know who i am he cant play any tricks or taking advantage of the fact that i am not local.
i understand that the interest is getting silly and the guy is tied to the govt. payment delays at this point the lawyer recommends to go after the land, however the bank says to wait at least until he pays interest (now he is just able to pay the interest and not the principal) .
i know going after the land now is a dick move since he paid partiality (the contract states clearly that if he doesnt pay back the full amount i can take the land and i dont need to give back a dime of the amount paid).
He can sell the trucks (which are worth only 10% of the collateral) but the local municipality knows that the land is used as a collateral and wont allow any trick (bank holds the title for me anyway).
i am not sure on the best route now, until he pays at least the interest i believe i won't take any action following the bank advice.
any recommendations?
p.s. i will remove this post after few hours
- Falcon Randwick
- Damn, I just saw my Internet Bill !
- Reactions: 3
- Posts: 4381
- Joined: Mon Feb 14, 2005 2:55 pm
Foreclose on the fucker. Or take his Lexus...
Like Potato Stars on facebook. We're likable...
https://www.facebook.com/potstars1
...and make your ears hate you by listening to us here
https://soundcloud.com/falcon-randwick
https://www.facebook.com/potstars1
...and make your ears hate you by listening to us here
https://soundcloud.com/falcon-randwick
- Starving Pelican
- I am a Special Snowflake !!?!
- Reactions: 83
- Posts: 5850
- Joined: Sun Jun 04, 2006 1:21 pm
- Location: Cat Food Paradise
- Phuket2006
- The Internet is my Friend
- Reactions: 99
- Posts: 6980
- Joined: Fri Jan 05, 2007 7:00 am
if u go against him and "TRY" and take his land, i would bet ur visa is revoked, they find drugs on you and ur locked up,
\bad move on ur part to pick up a few $$
\bad move on ur part to pick up a few $$
"We are turning into a nation of whimpering slaves to Fear—fear of war, fear of poverty, fear of random terrorism, or suddenly getting locked up in a military detention camp on vague charges of being a Terrorist sympathizer." HST
-
- Damn, I just saw my Internet Bill !
- Reactions: 3
- Posts: 4420
- Joined: Sun Dec 09, 2012 3:04 pm
Are you seriously asking K440 for advice on this matter? I'd say give him a bit of leeway, as it seems like a fairly short-term loan anyways. This is month #5 or 6? Would it be possible to modify the terms of the loan? Say cut him some slack for 1 or two months, interest-wise so he can pay up some of the principal?
Also, you're doing good. Under no circumstances should you reveal your real identity.
Also, you're doing good. Under no circumstances should you reveal your real identity.
Serious answer?
It would depend on how reliable your information is. If he's being honest with you and he does have contracts with the government who are just being useless but will eventually pay him his dues, then give him the leeway. It's a better bet than a long and expensive court case.
If he's bullshitting you because actually his over leveraged businesses have gone under then take him to court and get whatever you can now.
It would depend on how reliable your information is. If he's being honest with you and he does have contracts with the government who are just being useless but will eventually pay him his dues, then give him the leeway. It's a better bet than a long and expensive court case.
If he's bullshitting you because actually his over leveraged businesses have gone under then take him to court and get whatever you can now.
-
- Making Khmer girls cry since 2003
- Reactions: 130
- Posts: 21358
- Joined: Thu Dec 11, 2003 10:15 pm
How much did you loan him?
How does an expat even find himself in discussions with a local bank about loaning money at usurious rates to a Khmer general whom the bank (correctly) denies for a loan due to being a poor credit risk?
How does an expat even find himself in discussions with a local bank about loaning money at usurious rates to a Khmer general whom the bank (correctly) denies for a loan due to being a poor credit risk?
Follow my lame Twitter feed: @gavin_mac
-
- K440 Old Cunts Club
- Reactions: 3
- Posts: 3358
- Joined: Tue Jun 25, 2013 4:05 pm
All depends of whether he has a fit daughter.
My posts are just jokes, maybe they're rude, offensive, and politically incorrect. They're not my opinion, viewpoint, idea, or judgement, but they're just fucking jokes so lighten up.
- Starving Pelican
- I am a Special Snowflake !!?!
- Reactions: 83
- Posts: 5850
- Joined: Sun Jun 04, 2006 1:21 pm
- Location: Cat Food Paradise
Come on, you know the answer to that. It's jackrossi. He knows where in Phnom Penh you can buy tubes of Dutch clog polish, wholesale.gavinmac wrote:How much did you loan him?
How does an expat even find himself in discussions with a local bank about loaning money at usurious rates to a Khmer general whom the bank (correctly) denies for a loan due to being a poor credit risk?
Sent from my SM-G900F using Tapatalk
-
- Wun Gwo Pee
- Reactions: 0
- Posts: 2484
- Joined: Thu Dec 25, 2014 8:07 am
It's extraordinary isn't it? What I find amazing is that for all his business bravado, jackrossi plays in murky games like this. I'm guessing he won't get his money back, that the relationship with the brokering bank manager sours soon and that we will see news reports of an Italian body found on a dump in Phnom Penh.gavinmac wrote:How much did you loan him?
How does an expat even find himself in discussions with a local bank about loaning money at usurious rates to a Khmer general whom the bank (correctly) denies for a loan due to being a poor credit risk?
What the hell is a (self)respected businessman doing getting involved in what is effectively loansharking to a three star general. How did he think this would turn out?
-
- Wun Gwo Pee
- Reactions: 0
- Posts: 2484
- Joined: Thu Dec 25, 2014 8:07 am
Very much so and this nonsense about him being anonymous is that just - nonsense. Does jackrossi really think his $800 a month bank manager isn't going to buckle under the pressure from a three star general to not reveal the lender's identity when a huge piece of valuable land is at stake?horace wrote:Loaning money to a 3 star general is akin to loaning money to a mafia boss!
-
- Similar Topics
- Replies
- Views
- Last post
-
-
1 star general threatens to shoot bar owner who refused sex
by Bong Burgundy » Wed Aug 12, 2020 3:12 pm » in Cambodia News - 13 Replies
- 6349 Views
-
Last post by Zipper down
Thu Aug 13, 2020 8:09 am
-
-
-
Three star general steals Chinese state-owned Kampot Special Economic Zone land
by Bong Burgundy » Sun Oct 25, 2020 4:48 pm » in Cambodia News - 12 Replies
- 3843 Views
-
Last post by Visser
Mon Oct 26, 2020 11:59 am
-
-
- 3 Replies
- 859 Views
-
Last post by angsta
Wed Dec 13, 2023 10:19 pm
-
-
Careful what you say- Local lady sues Chinese man after he said she gave him HIV
by Bong Burgundy » Fri Nov 10, 2023 6:11 pm » in Cambodia News - 0 Replies
- 2914 Views
-
Last post by Bong Burgundy
Fri Nov 10, 2023 6:11 pm
-