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A year ago I signed a sales contract and have put a lot of money into Costa Rica.
Now I am told that ALL the major lenders are not lending esspecially in unfinished developements where the construction is not 100% complete (per personal meetimgs with my attorney) ..
The only option I am given is an unknow mortgage broker at 4%. Are Mortgage brokers the only choice now such as “Costa Rica Mortgage”.
Who are the reported US lenders supposed lending?Money is tight everywhere. I’m not sure you’ll find a US lender willing to make a loan on a project in CR… even the firms with local operations. Too many projects in trouble these days. You’ll have to sell the project and it’s level of progress to the bank! Perhaps Scott can give you some direction as to someone that can help. Just be prepared to pay for the pleasure of getting your financing… I’m sure the vig will be up a bit with all the problems out there!
Edited on Nov 06, 2008 08:06
Money is tight but I signed a mortgage agreement in Costa Rica on the 5th November 2008 at about 11am with BAC San Jose so you can still find money BUT the requirements are very REPEAT VERY strict. I am in Madrid at the momentemnt waiting for a connecting flight…
Scott Oliver – Founder
WeLoveCostaRica.com
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