Funding for Costa-Rica properties

[cmattric]

Hi everyone,

I have questions about funding Costa-Rica Properties? Is there a mortgage available for this kind of properties? Let`s say we go to a bank and ask for money to buy one of this properties, will the bank approve with a certain downpayment? Is it under bank responsibilities to secure this kind of investment? What should be the stage of construction, pre-construction, in construction, or ready to sell?

Anybody?

Thanks

 

[Thomas Beyer]

QUOTE (cmattric @ Feb 12 2009, 10:38 AM) Hi everyone,

I have questions about funding Costa-Rica Properties? Is there a mortgage available for this kind of properties? Let`s say we go to a bank and ask for money to buy one of this properties, will the bank approve with a certain downpayment? Is it under bank responsibilities to secure this kind of investment? What should be the stage of construction, pre-construction, in construction, or ready to sell?
cheapest, and thus recommended: secured by a US or Canadian asset, such as a LOC.

possible: local lenders, usually much much higher interest rates. The developer would guide you.

Why would you buy an "investment" property in Coast Rica ?

or is it mainly for personal use, i.e. enjoyment, i.e. a life style expense like a car ?

 

[cmattric]

So a regular bank wouldn`t bother to give me mortgage.
Actually my friend is from costa-rica, he wants to buy, and fund it by canadian mortgages, (there is where I get involved) since the rates are too high for long term.
But thanks for responding.

 

[OlegP]

QUOTE (cmattric @ Feb 12 2009, 12:50 PM) So a regular bank wouldn`t bother to give me mortgage.
Actually my friend is from costa-rica, he wants to buy, and fund it by canadian mortgages, (there is where I get involved) since the rates are too high for long term.
But thanks for responding.

Scotiabank is expanding its international business in Latin America. I think they might be doing mortgages in Costa Rica. If you check into it, please let me know what they say. Also, RBC does mortgages in the US, but I am not sure about Costa Rica.

 

[TonyMandrique]

QUOTE (OlegP @ Feb 12 2009, 12:08 PM) Scotiabank is expanding its international business in Latin America. I think they might be doing mortgages in Costa Rica. If you check into it, please let me know what they say. Also, RBC does mortgages in the US, but I am not sure about Costa Rica.

I`ve been hearing people invest in Costa Rica. What`s the big fuss? Am I missing something? Thanks for sharing.

TonyM

 

[Nir]

why and where in Costa Rica? my brother`s wife is from costa rica.