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Where to get OFW Business Loan???

investor_ofw · 8 · 2536

investor_ofw

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on: Dec 16, 2011, 11:23 PM
Just a query sa mga OFWs who have had experience with this.  This is the situation so it will be clear as regards to what am asking assistance for.

Project:  To put up 2 storey commercial building
Total Project Cost: 14M
Total Leasable Area: 1000sq meters
Planned rental rate/sqm: 750pesos per sqm.

With the information above, I would like to ask for your advice and feedback.

1.  I wanted to get a loan to fund for the construction of the building.
2.  With the projected income, I am confident I can pay the 14M loan on a 10 yr term loan with estimated monthly payment for loan at around 250-300 thousand pesos per month.
3.  Principal Borrower are both OFWs

Questions:

1.  Granting, we can secure a loan, would it be possible to start paying the interest first for the first year, then on the 2nd year until the 10th year, we will pay the principal + interest?
2.  Do you know who should we approach considering the amount is more than 10M? or would it be appropriate to consider getting a loan half of the project cost and get the half after a year or so?
3.  Can we use other properties as collateral for the loan?  or does it have to be the building to be constructed that will be used as collateral?
4. Whatother factors to be considered on this situation?

Thanks in Advance





Post Merge: Dec 16, 2011, 11:24 PM
by the way, if this is not appropriate for this thread, MODS please move so accordingly.

Thanks


bryle38

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Reply #1 on: Dec 25, 2011, 06:11 AM
hi investor_ofw.as per my knowledge about sa business loan sa bank or private institution,Gaya ng BDO at ASIALINK.if im not mistaken,correct me if im wrong dapat na ka put up na ang business at least 1-2 years running na.try mo din sa secured loan na meron kang dapat na i-colateral gaya ng car,house and lot  etc..try mo inquire sa DBO(bangco de oro) but for now ang alam ko my promo sila sa mga OFW na personal loan na unsecured they can give only 10,000-500,000 pesos.ang alam ko na man sa secured loan nila at business loan eh up to 1M lng depende padin sa business...Info na rin eto sa mga kababayan nating OFW na kagaya ntin or kahit na nasa pinas na interesado sa business pero kulang or need ng budget para maka pag start sila..let me know para ma i detalye ko ang mga req.nila just pm me here.and meron din me ma recomend na business kung mag sisimula palng kayo..tnx!! sayo po investor_ofw Gud luck po sana makakita kayo ng hinahanap mong company whom they can offer sa need mo..tnx and merry christmas po!!!


investor_ofw

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Reply #2 on: Dec 25, 2011, 04:11 PM
Thanks, for now, we've decided to do it in Phases, we will do the first phase which will cost 5M, yon lang ang kaya namin pwede ecollateral, we'll see how it goes. . .


lupin

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Reply #3 on: Dec 25, 2011, 11:20 PM
Thanks, for now, we've decided to do it in Phases, we will do the first phase which will cost 5M, yon lang ang kaya namin pwede ecollateral, we'll see how it goes. . .

Sir, if you dont mind to divulge, may I know which institution did you make a loan and what is collateral and process?  Thanks


investor_ofw

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Reply #4 on: Dec 26, 2011, 03:11 AM
wala pa, the project is still on its feasibility stage, start date namin baka last quarter of 2012, am leaning towards applying sa bank kung saan ako nagpadala ng remittances, hopefully it will be a smooth sailing process. . .


gogreenexpert

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Reply #5 on: Jun 06, 2012, 09:14 PM
Dati nung nag o-office pa kami sa may Ortigas, meron financial company sa building namin na nagpapa-utang sa mga OFW. Kaso nung ni-check ko yung rates nila sobrang taas ng interest. Parang hindi na makatao. Pero magtataka ka ang dami pa ring pumupunta sa office nila araw-araw. Grabe ang pila ng mga nangungutang.


katsky

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Reply #6 on: Jun 06, 2012, 09:42 PM
debt is not the best source to fund investments. but good luck to you. ofw din papa ko. nung nagpagawa kmi ng retirement house nila inisip din nmn mag-loan kaso pagka-compute mo yung total na babayaran for the the whole term,  x3 pa dun sa pinautang sa iyo and yung pinautang sa iyo, inde makukuha ng buo kasi ibabawas pa dun madaming fees.


bloomerman

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Reply #7 on: Jun 06, 2012, 09:59 PM
tama, dapat long term ang planning pra makakapag ipon pa...


 


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