And the girlfriend will own 100% as her name will be on the title, as foreigners are not permitted to own property, with the exception of Strata Titles (eligible condos).ផោមក្លិនស្អុយ wrote: ↑Sat Jun 18, 2022 3:25 pmAnd the Borey won’t give title document until loan is paid off. And if you default, well it’s their house and you’ll lose a significant part of what you have already paid.YaTingPom wrote: ↑Sat Jun 18, 2022 3:15 pmThat’s from the borey or a private financial provider connected to the borey not a bank or Mifi.guesty11 wrote: ↑Sat Jun 18, 2022 1:40 pmA foreigner friend of mine (without Cambodian citizenship) took out a local loan to buy a borey house (off:plan when he bought it but it's now completed). I'm sure he had to prove income. I didn't ask if he had someone (e.g his girlfriend's family) guarantee it. I expect it's a hard title and his girlfriend owns 51%.
ABA loans to barangs?
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I'm not a negative person, I encourage people all the time...it's usually to f**k off! But, whatever.
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Unless you are married, right?PSD_Kiwi wrote: ↑Sat Jun 18, 2022 3:47 pmAnd the girlfriend will own 100% as her name will be on the title, as foreigners are not permitted to own property, with the exception of Strata Titles (eligible condos).ផោមក្លិនស្អុយ wrote: ↑Sat Jun 18, 2022 3:25 pmAnd the Borey won’t give title document until loan is paid off. And if you default, well it’s their house and you’ll lose a significant part of what you have already paid.YaTingPom wrote: ↑Sat Jun 18, 2022 3:15 pmThat’s from the borey or a private financial provider connected to the borey not a bank or Mifi.guesty11 wrote: ↑Sat Jun 18, 2022 1:40 pmA foreigner friend of mine (without Cambodian citizenship) took out a local loan to buy a borey house (off:plan when he bought it but it's now completed). I'm sure he had to prove income. I didn't ask if he had someone (e.g his girlfriend's family) guarantee it. I expect it's a hard title and his girlfriend owns 51%.
If married, and property bought after marriage, you can get an honourable mention on the title doc.
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If legally married in Cambodia, then yes, any Hard Titled property purchased since marriage will include the Foreign partners name, whilst not technically entitling you to ownership, the Cambodian Spouse cannot sell the property without your authorisation and signature/thumbprint etc. If the Cambodian spouse passes away, the foreigner must either transfer or sell the property within 3 months, as foreigner ownership of property is not permitted under Cambodia's Constitution.ផោមក្លិនស្អុយ wrote: ↑Sat Jun 18, 2022 4:36 pmUnless you are married, right?PSD_Kiwi wrote: ↑Sat Jun 18, 2022 3:47 pmAnd the girlfriend will own 100% as her name will be on the title, as foreigners are not permitted to own property, with the exception of Strata Titles (eligible condos).ផោមក្លិនស្អុយ wrote: ↑Sat Jun 18, 2022 3:25 pmAnd the Borey won’t give title document until loan is paid off. And if you default, well it’s their house and you’ll lose a significant part of what you have already paid.YaTingPom wrote: ↑Sat Jun 18, 2022 3:15 pmThat’s from the borey or a private financial provider connected to the borey not a bank or Mifi.guesty11 wrote: ↑Sat Jun 18, 2022 1:40 pmA foreigner friend of mine (without Cambodian citizenship) took out a local loan to buy a borey house (off:plan when he bought it but it's now completed). I'm sure he had to prove income. I didn't ask if he had someone (e.g his girlfriend's family) guarantee it. I expect it's a hard title and his girlfriend owns 51%.
If married, and property bought after marriage, you can get an honourable mention on the title doc.
I'm not a negative person, I encourage people all the time...it's usually to f**k off! But, whatever.
I've had several loans over the past 10 years or so, mostly through MFIs and perhaps Acleda. I paid very little metaphorical interest, but quite a lot of actual compound interest.
It was that 49% blah blah, and did nothing to my recognition beond a thumbprint and paying. Luckily some of the land bought on a loan became very valuable and paid off most of the other debts, but there were a few boring months of eating rice and dried fish.
Personally I wouldn't recommend getting into any debt unless you can run away from it (which is why nobody will lend to you/us), and also see the bubble bursting on real estae bursting in the next few months to few years, so won't take that risk these days.
It was that 49% blah blah, and did nothing to my recognition beond a thumbprint and paying. Luckily some of the land bought on a loan became very valuable and paid off most of the other debts, but there were a few boring months of eating rice and dried fish.
Personally I wouldn't recommend getting into any debt unless you can run away from it (which is why nobody will lend to you/us), and also see the bubble bursting on real estae bursting in the next few months to few years, so won't take that risk these days.
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What the hell is ‘metaphorical interest’?Dave1234 wrote: ↑Sat Jun 18, 2022 5:54 pmI've had several loans over the past 10 years or so, mostly through MFIs and perhaps Acleda. I paid very little metaphorical interest, but quite a lot of actual compound interest.
It was that 49% blah blah, and did nothing to my recognition beond a thumbprint and paying. Luckily some of the land bought on a loan became very valuable and paid off most of the other debts, but there were a few boring months of eating rice and dried fish.
Personally I wouldn't recommend getting into any debt unless you can run away from it (which is why nobody will lend to you/us), and also see the bubble bursting on real estae bursting in the next few months to few years, so won't take that risk these days.
TBH I struggle to believe a report where the writer isn’t sure where they got the loan from.
‘Perhaps Acleda’, eh? Did you perhaps just make this up? Or was the loan perhaps in someone else’s name?
Access to credit is a fundamental building block for development of society. It’s one reason why many expats are at a disadvantage to locals. A ‘wealthy’ expat without access to credit can’t afford to buy a house, but a ‘poor’ local can get credit and buy, then rent it out to the expat. Making the local richer and the expat poorer.
Responsible borrowing is a very positive thing on the other hand irresponsible borrowing or lending wreaks havoc for the whole economy.
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Before that his “wife” will sell it or kick him out.ផោមក្លិនស្អុយ wrote: ↑Sat Jun 18, 2022 3:25 pmAnd the Borey won’t give title document until loan is paid off. And if you default, well it’s their house and you’ll lose a significant part of what you have already paid.YaTingPom wrote: ↑Sat Jun 18, 2022 3:15 pmThat’s from the borey or a private financial provider connected to the borey not a bank or Mifi.guesty11 wrote: ↑Sat Jun 18, 2022 1:40 pmA foreigner friend of mine (without Cambodian citizenship) took out a local loan to buy a borey house (off:plan when he bought it but it's now completed). I'm sure he had to prove income. I didn't ask if he had someone (e.g his girlfriend's family) guarantee it. I expect it's a hard title and his girlfriend owns 51%.
Everyone ones a winner baby!
pew, pew, pew, pew!
Metophorical interest- giving a fuck where the money came from.ផោមក្លិនស្អុយ wrote: ↑Sat Jun 18, 2022 6:46 pmWhat the hell isC’?Dave1234 wrote: ↑Sat Jun 18, 2022 5:54 pmI've had several loans over the past 10 years or so, mostly through MFIs and perhaps Acleda. I paid very little metaphorical interest, but quite a lot of actual compound interest.
It was that 49% blah blah, and did nothing to my recognition beond a thumbprint and paying. Luckily some of the land bought on a loan became very valuable and paid off most of the other debts, but there were a few boring months of eating rice and dried fish.
Personally I wouldn't recommend getting into any debt unless you can run away from it (which is why nobody will lend to you/us), and also see the bubble bursting on real estae bursting in the next few months to few years, so won't take that risk these days.
TBH I struggle to believe a report where the writer isn’t sure where they got the loan from.
‘Perhaps Acleda’, eh? Did you perhaps just make this up? Or was the loan perhaps in someone else’s name?
Access to credit is a fundamental building block for development of society. It’s one reason why many expats are at a disadvantage to locals. A ‘wealthy’ expat without access to credit can’t afford to buy a house, but a ‘poor’ local can get credit and buy, then rent it out to the expat. Making the local richer and the expat poorer.
Responsible borrowing is a very positive thing on the other hand irresponsible borrowing or lending wreaks havoc for the whole economy.
Probably Acleda, as they were the government lenders, It was a joint loan, with a local as the main name guarantor with 49/51 collateral on a hard title.
The loan was short term, and a long time (many years ago) and was used for a buy and flip deal on some real estate.
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There we go. The loan wasn’t really yours, it was arranged and guaranteed by a local. Given that you are so vague about the details, you may not even had your name on the bank loan agreement.dave1234 wrote: ↑Sat Jun 18, 2022 8:07 pmProbably Acleda, as they were the government lenders, It was a joint loan, with a local as the main name guarantor with 49/51 collateral on a hard title.ផោមក្លិនស្អុយ wrote: ↑Sat Jun 18, 2022 6:46 pmWhat the hell isC’?Dave1234 wrote: ↑Sat Jun 18, 2022 5:54 pmI've had several loans over the past 10 years or so, mostly through MFIs and perhaps Acleda. I paid very little metaphorical interest, but quite a lot of actual compound interest.
It was that 49% blah blah, and did nothing to my recognition beond a thumbprint and paying. Luckily some of the land bought on a loan became very valuable and paid off most of the other debts, but there were a few boring months of eating rice and dried fish.
Personally I wouldn't recommend getting into any debt unless you can run away from it (which is why nobody will lend to you/us), and also see the bubble bursting on real estae bursting in the next few months to few years, so won't take that risk these days.
TBH I struggle to believe a report where the writer isn’t sure where they got the loan from.
‘Perhaps Acleda’, eh? Did you perhaps just make this up? Or was the loan perhaps in someone else’s name?
Access to credit is a fundamental building block for development of society. It’s one reason why many expats are at a disadvantage to locals. A ‘wealthy’ expat without access to credit can’t afford to buy a house, but a ‘poor’ local can get credit and buy, then rent it out to the expat. Making the local richer and the expat poorer.
Responsible borrowing is a very positive thing on the other hand irresponsible borrowing or lending wreaks havoc for the whole economy.
Acleda are/were not a government bank. It started as an NGO then converted to a commercial bank in early 2000’s.
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“Luckily some of the land bought on a loan became very valuable”dave1234 wrote: ↑Sat Jun 18, 2022 8:07 pm
The loan was short term, and a long time (many years ago) and was used for a buy and flip deal on some real estate.
So “you” borrowed money to flip it but also got lucky and paid off the interest that you were not bothered about?
Sounds like bollocks to me.
pew, pew, pew, pew!
If you need small loans just get some credit card in the west.
Many can be applied for online and the interest rates are similar to banks here.
Just try to repay on time so you can build up your credit.
Than you can use the card for whatever can be bought with it and thus free up money for what you can't pay by card.
Or if you have any property or assets that can be used as collateral in the west just get a very low interest loan on it.
Many can be applied for online and the interest rates are similar to banks here.
Just try to repay on time so you can build up your credit.
Than you can use the card for whatever can be bought with it and thus free up money for what you can't pay by card.
Or if you have any property or assets that can be used as collateral in the west just get a very low interest loan on it.
The interest rates might be similar but the collateral needed won't be.jackrossi wrote: ↑Fri Jun 24, 2022 10:29 amIf you need small loans just get some credit card in the west.
Many can be applied for online and the interest rates are similar to banks here.
Just try to repay on time so you can build up your credit.
Than you can use the card for whatever can be bought with it and thus free up money for what you can't pay by card.
Or if you have any property or assets that can be used as collateral in the west just get a very low interest loan on it.
My guess is if anyone is asking about loans here they have exhausted all their avenues.
Saw some chick asking for a free ride to PP from kampot the other day as she had no money. Seriously?
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pew, pew, pew, pew!
What about these company setups and such like that I have heard about? All fine when the shit is firmly not on the fan but if something goes wrong, what's the legal standing of the shitless expat?PSD_Kiwi wrote: ↑Sat Jun 18, 2022 3:47 pmAnd the girlfriend will own 100% as her name will be on the title, as foreigners are not permitted to own property, with the exception of Strata Titles (eligible condos).ផោមក្លិនស្អុយ wrote: ↑Sat Jun 18, 2022 3:25 pmAnd the Borey won’t give title document until loan is paid off. And if you default, well it’s their house and you’ll lose a significant part of what you have already paid.YaTingPom wrote: ↑Sat Jun 18, 2022 3:15 pmThat’s from the borey or a private financial provider connected to the borey not a bank or Mifi.guesty11 wrote: ↑Sat Jun 18, 2022 1:40 pmA foreigner friend of mine (without Cambodian citizenship) took out a local loan to buy a borey house (off:plan when he bought it but it's now completed). I'm sure he had to prove income. I didn't ask if he had someone (e.g his girlfriend's family) guarantee it. I expect it's a hard title and his girlfriend owns 51%.
pew, pew, pew, pew!
Asking for a friend, presumably?YaTingPom wrote: ↑Fri Jun 24, 2022 12:18 pmWhat about these company setups and such like that I have heard about? All fine when the shit is firmly not on the fan but if something goes wrong, what's the legal standing of the shitless expat?PSD_Kiwi wrote: ↑Sat Jun 18, 2022 3:47 pmAnd the girlfriend will own 100% as her name will be on the title, as foreigners are not permitted to own property, with the exception of Strata Titles (eligible condos).ផោមក្លិនស្អុយ wrote: ↑Sat Jun 18, 2022 3:25 pmAnd the Borey won’t give title document until loan is paid off. And if you default, well it’s their house and you’ll lose a significant part of what you have already paid.YaTingPom wrote: ↑Sat Jun 18, 2022 3:15 pmThat’s from the borey or a private financial provider connected to the borey not a bank or Mifi.guesty11 wrote: ↑Sat Jun 18, 2022 1:40 pmA foreigner friend of mine (without Cambodian citizenship) took out a local loan to buy a borey house (off:plan when he bought it but it's now completed). I'm sure he had to prove income. I didn't ask if he had someone (e.g his girlfriend's family) guarantee it. I expect it's a hard title and his girlfriend owns 51%.
No, but I’ve heard people talk about it. Sounds complicated.logos wrote: ↑Fri Jun 24, 2022 1:25 pmAsking for a friend, presumably?YaTingPom wrote: ↑Fri Jun 24, 2022 12:18 pmWhat about these company setups and such like that I have heard about? All fine when the shit is firmly not on the fan but if something goes wrong, what's the legal standing of the shitless expat?PSD_Kiwi wrote: ↑Sat Jun 18, 2022 3:47 pmAnd the girlfriend will own 100% as her name will be on the title, as foreigners are not permitted to own property, with the exception of Strata Titles (eligible condos).ផោមក្លិនស្អុយ wrote: ↑Sat Jun 18, 2022 3:25 pmAnd the Borey won’t give title document until loan is paid off. And if you default, well it’s their house and you’ll lose a significant part of what you have already paid.YaTingPom wrote: ↑Sat Jun 18, 2022 3:15 pmThat’s from the borey or a private financial provider connected to the borey not a bank or Mifi.guesty11 wrote: ↑Sat Jun 18, 2022 1:40 pmA foreigner friend of mine (without Cambodian citizenship) took out a local loan to buy a borey house (off:plan when he bought it but it's now completed). I'm sure he had to prove income. I didn't ask if he had someone (e.g his girlfriend's family) guarantee it. I expect it's a hard title and his girlfriend owns 51%.
All my assets are in my wife’s name. (Suzuki moto).
pew, pew, pew, pew!
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