Genius Posted December 3, 2009 Posted December 3, 2009 I am a refugee. I have no home. I am in search of the famed Mr Lee...... who seems to be no longer posting on another board and so I have arrived here, but others feel free to comment. What is it with the paucity of mortgage facilities for Mr Kano ?I walked into ChinaBank, to be told yes they would open a bank account for me, but no under no circumstances would they lend to me for a mortgage as I had the misfortune of being a 'foreigner', the manner in which he delivered this information was full of self satisfaction at the fact he was imparting to me.We never got to the fact that I was there on a tourist visa and without an ACR etc.He did under pressure admit that any filipina wife I had could borrow, if I funded it but that all the property and loan documents would have to bein her name. I said, would it make a difference if it was a condominium I was interested in where foreigners were in the minority 40:60 to filipino ?No, that would not make a difference he smiled.Would putting 40% down have any bearing ?No, it wouldn't he said. Ok, so I thought I d go to BPI and see if I got more of a welcome. Here I never got to speak to the bank manager because the clerk behind the bullet proof glass, simply said there was no point, as I would not be able to openan account, let alone borrow money. What is it with the Phillipines and its dark age laws about foreigner ownership and finance ?So I say, despite the dangers of it being an awful investment in view of the fragile economy, massive over building in certain parts of product no one but foreigners or the elite can affords, does anyone have experience of getting a mortgage ?Mr Lee gobbling up Winland towers, so I heard. Did you get a mortgage or cash or installment it only ? Link to comment Share on other sites More sharing options...
Mr Lee Posted December 3, 2009 Posted December 3, 2009 I am a refugee. I have no home. I am in search of the famed Mr Lee...... who seems to be no longer posting on another board and so I have arrived here, but others feel free to comment. What is it with the paucity of mortgage facilities for Mr Kano ?I walked into ChinaBank, to be told yes they would open a bank account for me, but no under no circumstances would they lend to me for a mortgage as I had the misfortune of being a 'foreigner', the manner in which he delivered this information was full of self satisfaction at the fact he was imparting to me.We never got to the fact that I was there on a tourist visa and without an ACR etc.He did under pressure admit that any filipina wife I had could borrow, if I funded it but that all the property and loan documents would have to bein her name. I said, would it make a difference if it was a condominium I was interested in where foreigners were in the minority 40:60 to filipino ?No, that would not make a difference he smiled.Would putting 40% down have any bearing ?No, it wouldn't he said. Ok, so I thought I d go to BPI and see if I got more of a welcome. Here I never got to speak to the bank manager because the clerk behind the bullet proof glass, simply said there was no point, as I would not be able to openan account, let alone borrow money. What is it with the Phillipines and its dark age laws about foreigner ownership and finance ?So I say, despite the dangers of it being an awful investment in view of the fragile economy, massive over building in certain parts of product no one but foreigners or the elite can affords, does anyone have experience of getting a mortgage ?Mr Lee gobbling up Winland towers, so I heard. Did you get a mortgage or cash or installment it only ? Hello Genius, welcome to this forum. I am Mr. Lee and I am no longer posting on some other forums and my wife and I own a few condos in Winland but that is far from gobbling them up, but I guess I might be who you seek. To try to answer your question, most builders offer their own financing, I know that Winland and other condos around do and I was offered the same when my wife and I went to look at some of the houses being built in developments but I do not think any of the banks would actually give us a mortgage, but to tell you the truth, I never really tried because we used the in house financing and I borrowed money from the states to buy the ones we live in. I do know some bank people and I can make some inquiries for you and see if I can get some answers on that, yet my guess is that if you have the cash to buy the land in full then they might lend you some money to build a modest home but I am not sure and a foreigner cannot own land and can only own a condo or townhouse anyway.Now as for condos, the 60/40 rule does not apply to us when buying and that would be the sellers problem and not really a problem as most condos are being bought by Filipinos as investments and for rental income and the 60/40 could hurt you if the time came to sell and then there was too many foreigners who owned. I seriously doubt that would happen, so I do not think it is something to worry about but I will tell you and anyone else who wishes to buy a home or condo, do not buy unless you intend keep it for many years because selling and getting your money back would not be very easy IMO. I bought with the idea that it will be my wife's future when my time comes and I sure hope that is long into the future. Anyway, maybe others might have more input for you and feel free to ask away in the mean time. Link to comment Share on other sites More sharing options...
Mr Lee Posted December 3, 2009 Posted December 3, 2009 Second post on the subject by me.There are also a number of posts that have been made on condos and banking on this forum that you might wish to look at and I would be happy to give you a name and number of someone who could help you in Winland but first it would be important that you fully understand that Winland is a middle of the road condo and not a high end type and the prices also reflex that, but even more important is the fact that you would have to be familiar with how things are done in the Philippines to be able to accept that it is a work in progress and there is a rock pit and rebar where building 3 is supposed to eventually go.Below is a banking thread which has the contact info for a nice young lady who is the assistant manager of a bank in Cebu and she might be able to help you open an account and set up your SSRV retirement visahttp://philippines-expats.com/index.php?showtopic=71http://philippines-expats.com/index.php?showtopic=1280Lots to read and learn if you have time and feel free to ask all the questions you wish and we will all do our best to try to help answer them for you. Link to comment Share on other sites More sharing options...
Genius Posted December 3, 2009 Author Posted December 3, 2009 Second post on the subject by me.There are also a number of posts that have been made on condos and banking on this forum that you might wish to look at and I would be happy to give you a name and number of someone who could help you in Winland but first it would be important that you fully understand that Winland is a middle of the road condo and not a high end type and the prices also reflex that, but even more important is the fact that you would have to be familiar with how things are done in the Philippines to be able to accept that it is a work in progress and there is a rock pit and rebar where building 3 is supposed to eventually go.Below is a banking thread which has the contact info for a nice young lady who is the assistant manager of a bank in Cebu and she might be able to help you open an account and set up your SSRV retirement visahttp://www.philippin...hp?showtopic=71Thanks, I am ploughing through the posts as we speak. http://www.philippin...?showtopic=1280Lots to read and learn if you have time and feel free to ask all the questions you wish and we will all do our best to try to help answer them for you. Link to comment Share on other sites More sharing options...
Genius Posted December 5, 2009 Author Posted December 5, 2009 So any one here with a mortgage ? Link to comment Share on other sites More sharing options...
Mr Lee Posted December 5, 2009 Posted December 5, 2009 So any one here with a mortgage ? I have emailed a bunch of people, many of whom do not like to put personal info on forums, and it seems that they all either used the in house financing like we did or they brought the money over from their home country. Anyone else care to comment? Link to comment Share on other sites More sharing options...
Genius Posted December 5, 2009 Author Posted December 5, 2009 Ah I see. So realistically speaking its in house finance or cash. I saw a nice condo online at Park condominium but obviously cannot consider it because it was a resale not from the developer. So any one here with a mortgage ? I have emailed a bunch of people, many of whom do not like to put personal info on forums, and it seems that they all either used the in house financing like we did or they brought the money over from their home country. Anyone else care to comment? Link to comment Share on other sites More sharing options...
Mr Lee Posted December 5, 2009 Posted December 5, 2009 Ah I see. So realistically speaking its in house finance or cash. I saw a nice condo online at Park condominium but obviously cannot consider it because it was a resale not from the developer. Most high end sales involve owner financing. You may wish to ask the realtor. Park Tower near Ayala is a great place to be if that is the one you are talking about but there is also a new one being built there called Tower Palace and if it is near completion then it might also be a nice place to live. Tower Palace Link to comment Share on other sites More sharing options...
Genius Posted December 6, 2009 Author Posted December 6, 2009 Ah I see. So realistically speaking its in house finance or cash. I saw a nice condo online at Park condominium but obviously cannot consider it because it was a resale not from the developer. Most high end sales involve owner financing. You may wish to ask the realtor. Park Tower near Ayala is a great place to be if that is the one you are talking about but there is also a new one being built there called Tower Palace and if it is near completion then it might also be a nice place to live. Tower Palace Yes Park tower the one I meant. Tower Palace looks interesting too. Link to comment Share on other sites More sharing options...
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