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Property Mortgages Direct By Developers

Category: Real estate, Posted:02 Jan 2010 | 06:00 am

The Thai real estate sector is likely to see a major initiative by Thai developers who aim to offer direct mortgages. Back of the Financial Institutions Act 2008, loans can be made though not with publically raised funding.
A number of Thai listed firms are meeting with the Secondary Mortgage Corporate (SMC) to coordinate with financial institutions and look at securities rights issues to cover funding. SMC requires THB 300 million for firms listed on the Stock Exchange of Thailand (SET) while only THB 20 million for those who are privately owned or on the Market for Alternative Investments (MAI).
Property in the band of half a million THB up to ten million has been earmarked. The shift in developers moving into the mortgage business looks to propel the industry into unknown territory with some concern by industry experts on possible risk with smaller non listed firms operating in this space.

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