Non recourse Costa Rica mortgages

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  • October 10, 2007 at 12:00 am #187240
    tomtwoshoe
    Member

    I have formed NYS LLC owned by my IRA to invest in Costa Rican Real Estate. A non-recourse loan is required if using leverage. I have been told by 2 loan officers at seperate Costa Rican Mortgages companies that all mortgage in Costa Rica are non-recourse. Meaning that the only colateral besides the down payment is the property itself and the lender can not go after any other thing.Just the property itself if you don’t pay.Anyone have any imput,or anyone out there purchased property this way?

    October 10, 2007 at 7:48 pm #187241
    Andrew
    Keymaster

    If you are interested you can see a real live Costa Rica mortgage agreement at

    It’s in Spanish of course …

    Scott Oliver – Founder
    WeLoveCostaRica.com

    October 10, 2007 at 10:32 pm #187242
    tomtwoshoe
    Member

    Thank you Scott, I will endeavor to persevere with this arsenal of newly acquired information. I appreciate the info.I am but a lost sailor seeking to find the truth in a vast sea of Costa Rican real estate knowledge,you have extended a lifejacket. Thanks again. Tom

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