⌛ Hello All,

Hi,
I am an Australian, I have been living in Davao (Catalunan Grande) since Jan 3 this year. I met my wife (a Filipina) when she was working in Hong Kong and later I picked her up there and we flew back here.
We married in Aug after getting an annulment for P180000.00. We have purchased 2 blocks of land here (2417 sq meters for P3.45 Mil, before the BIR got on to it and we had to pay a fortune in capital gains tax) and are just finishing off our new house. I have built it out of steel, hardiflex and plaster board. No one here has seen anything like it. They want to know where the posts are.
If any one wants to make a small investment (with one property as collateral) I am looking to borrow US10,000.00 (Repaid in 2 years) to pay for it. I am in the process of getting a bank loan at 9.99% pa. Some places here you can get a loan for 5% per month or 60% pa. But I of cause would be willing to accept a loan at 9.5% pa interest. You can only get 1 to 2 % here in the banks.
My wife in now pregnant and we are expecting her to give birth on 14 April 2009.
Anyway, I will keep an eye on this site and see what is happening on here.

Bob

 

so you're here to try to get an investment from the good people of DI?

 

Hi,
No, but one of the threads I was reading was on investment in the philippines. As I said in my post I have almost got a loan from rge bank, But I would be happy to save money and ley someone else get some in return.

 

bob has a fair proposal. u can get 20% from some of the banks (read loan sharks). they obviously are the riskier area to deposit money. but bob if u can show that the risk is limited, then maybe someone will bite (you are at a disadvantage of having no prior dealings with people so credit reports, the legal documents on the lot, and show the costs that will accrue to the lender, would really help your case).

the 9.5% would cover inflation for those sitting on depreciating pesos

best of luck

 

Info

Hi,
There would be no cost to the lender, I would arrange for a solicitor to draw up the contract and sign it on my end and pay for the services of a solicitor at their end to have them sign. The P1,600,000 (plus) property deed would be held by their solicitor and would become their property (after the BIR got their share (could be as much as P6000.00) if I was to forfeit on the contract. The contract would be a fixed interest of 9.5% over two years with either a lump sum payment or monthly installments (The lender to decide). Therefore for an outlay of US$10,000,00 the lender would receive 9.5% pa or US$995.00 for a total of US$11990.00 over two years.

I can get a bank loan in about 2 weeks more but while everything else is the same, the interest is 9.99% Plus a P3000 lending fee, and it is going to a bank that would only give me 1% on my money when I transfered it here.

 

Info

Hi,
There would be no cost to the lender, I would arrange for a solicitor to draw up the contract and sign it on my end and pay for the services of a solicitor at their end to have them sign. The P1,600,000 (plus) property deed would be held by their solicitor and would become their property (after the BIR got their share (could be as much as P6000.00) if I was to forfeit on the contract. The contract would be a fixed interest of 9.5% over two years with either a lump sum payment or monthly installments (The lender to decide). Therefore for an outlay of US$10,000,00 the lender would receive 9.5% pa or US$995.00 for a total of US$11990.00 over two years.

I can get a bank loan in about 2 weeks more but while everything else is the same, the interest is 9.99% Plus a P3000 lending fee, and it is going to a bank that would only give me 1% on my money when I transfered it here.