Is it possible to get a mortgage in ABA as a non resident foreigner?

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OrientInvestor
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Is it possible to get a mortgage in ABA as a non resident foreigner?

Post by OrientInvestor » Fri Dec 13, 2019 6:51 am

I know I should ask the ABA myself and I’ll do that next time when I’m in Cambodia but maybe some of you reckon if that would be possible.

I’m a 29 yo non resident foreigner with an account in ABA.

I own a hard titled property that I’m renting out to a company (there is a tax paid from that lease) so I got a Cambodian sourced source of income.

Would it be possible to get a mortgage for let’s say 50% value of a property I want to buy?

Would ABA take my apartment as a collateral and approve my source of income from leasing out my property?

If the condo market value is around $250,000 how big mortgage could I possibly get? I bet around $170,000.
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Re: Is it possible to get a mortgage in ABA as a non resident foreigner?

Post by khmerhamster » Fri Dec 13, 2019 12:28 pm

No not for non resident.
Also its difficult to get a mortgage for resident foreigners.

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Re: Is it possible to get a mortgage in ABA as a non resident foreigner?

Post by Bitte_Kein_Lexus » Fri Dec 13, 2019 12:43 pm

I got one from them, but my specifics were slightly different from yours, so just go and ask them. Usually no queuing for questions like that, they'll just bring you upstairs.
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Re: Is it possible to get a mortgage in ABA as a non resident foreigner?

Post by Duncan » Fri Dec 13, 2019 1:04 pm

OrientInvestor wrote:
Fri Dec 13, 2019 6:51 am
I know I should ask the ABA myself and I’ll do that next time when I’m in Cambodia but maybe some of you reckon if that would be possible.

I’m a 29 yo non resident foreigner with an account in ABA.

I own a hard titled property that I’m renting out to a company (there is a tax paid from that lease) so I got a Cambodian sourced source of income.

Would it be possible to get a mortgage for let’s say 50% value of a property I want to buy?

Would ABA take my apartment as a collateral and approve my source of income from leasing out my property?

If the condo market value is around $250,000 how big mortgage could I possibly get? I bet around $170,000.

Even at a 10 % interest rate your repayments are $17,000 on interest alone. or $1,400 per month.

Repay the mortgage over 10 years = $17,000 per year or $1,400 per month.

Total being $2,800 per month.

Income from rent from the condo is ???

No, I would not give you a mortgage on the info you have given.
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OrientInvestor
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Re: Is it possible to get a mortgage in ABA as a non resident foreigner?

Post by OrientInvestor » Fri Dec 13, 2019 3:25 pm

I know interest rates are crazy high I was just wondering if it would be possible. Anyway I wouldn’t take a mortgage longer than 5 years and for maybe $35k.
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Re: Is it possible to get a mortgage in ABA as a non resident foreigner?

Post by monomial » Fri Dec 13, 2019 3:45 pm

First question. Who is the company you are renting to and what are they renting it for? Unlike many other areas of Cambodia, bank officers who approve giving out money aren't stupid. If that rental income is nothing more than an affiliated company (either from you or a close friend or relative) renting a headquarters in your condo, then that income won't count for much. If you have a legitimate business purpose for the condo and the rental income is from an unaffiliated 3rd party, and there is a strong probability that you can rent it to someone else if they stop renting, you might have a better shot.

Even if you can get past the non resident part, and make sure the property is very well capitalized, they are going to want a responsible party (read cosigner) in country that they can go after and serve with legal papers if you default.
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