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I'm thinking about buying a small house in Costa Rica soon and trying to determine how much I would be able to afford there. Does anyone here have experience using Costa Rican lenders for buying property there? Are the terms/rates about the same as here, or would it be better to get a loan from a US bank?
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Re: CR banks for real estate loans?
Tue, April 4, 2006 - 7:08 AMI have purchased property here. I went through Scotiabank. They said it would take a month. It took three. AND then they said they would only fund 40% of the property. They claimed because the lot was so big (8 acres) it exceeded their limits. But if you can get them to lend to you, their rates are not bad....but more than the US.
I don't know this first-hand, but heard that US loans on CR property have extremely high interest.
I now bank with Promerica and find them to be amazing. I have not tried to obtain financing through them yet, but I'm pretty sure it won't be as tough.
Good luck!
Scott
www.crazyjungle.com -
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Re: CR banks for real estate loans?
Mon, May 29, 2006 - 10:16 AMI am a developer here and we are starting to use Banex to do some financing for our clients. They have partnered with Southern National Bank of Texas and Stewart Title to provide financing at 'close' to american rates, but the rate floats based on prime and start (best) at prime plus 1%. They also vary the rates according to price and weather you're purchasing a raw lot or a house. I'm not sure that they are financing any lot or house, but it's worth a try. My contact in Guanacaste is Luis Salazar lsalazar@benex.com. My understanding is that these are the most competetive rates, but I'm not sure about the terms. If you have a previous relationship with a bank or financial institution in the states, my recomendation would be to pursue a loan through them as long as they don't stick it to you on the terms or rates for the property.
Giddyup
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