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I have been searching to find purchase financing for a property already in place with a developer in C.R. that is not offering financing through them. I am in the R.E. business here in the U.S. and was asked as a favor to help my friend/associate find financing for his vacation property in Escazu/San Jose and I have been coming up against walls. Are there private banks/lender lists out there to call as I have read that the local banks wont lend to non-residents. My associate can supply ample downpayment but need a one stop shop to handle all the additional financing as well as the legal/Notarial issues. Is this possible??
Thanks,
Chad
If you’re looking for a one-stop, all-inclusive mortgage service, Stewart Title Co. in San Jose offers it and we’ve been through it. Here’s how it works.
You provide Stewart Title all the documentation you would expect to provide to a U.S. lender — income, assets, taxes, etc. They ship all that to the Southern Bank of Texas who looks up the applicant’s FICO score, credit history, etc, and makes a recommendation back to banks in Costa Rica who are cooperating with Stewart Title.
Assuming the loan is approved, Stewart sets up a closing, dots all the “i”s, crosses all the “t”s, etc.
Stewart gets about $300US at the beginning and gets to issue a title insurance policy (needed or not, who knows??) at closing for which you pay 1% of the face amount of the mortgage.
In our case, our only option was to go with a variable rate mortgage (as virtually all mortgages are) payable in U.S. dollars for a term of twenty years. That’s because only Banco Banex was offering construction financing through this program. If you’re buying an existing property, you may have other choices.
David, your comments are so informative. I am going to put your statement in the news letter we send our customers.
David, Thanks for the very useful information. What sort of interest rate do they charge on the variable rate mortgage? Could you provide an email or other contact information for Stewart Title.
Thanks,
Ellen
Jeanetta, what I write here is intended solely for the participants in this Forum. Please respect that limitation and do not reproduce my comments for commercial or other purposes.
Ellen, you can contact Federico Vega at Stewart Title in San Jose at the following e-mail addresses. I think I’d send your message to both. He’s now in charge of this program for much of Central America, so he may refer you to someone else, and it may take a little time for him to respond since he travels extensively. Please do mention my name. I get a ten colon fee for every successful referral.
fvega@stewartcr.com
fvega@stewartlat.comWithout digging out our records, I think I recall that Banco Banex, with whom our mortgage was placed, is charging us about 2.5% above the published New York prime rate. It adjusts quarterly.
Edited on Nov 05, 2006 10:17
Edited on Nov 05, 2006 10:18
David,
Thank you for that info. It has been a struggle finding a path to Stewart title as I had been referred to them before but struggled to make contact. However I have been looking into Caribbean Mortgages a private investor….have you heard about this company in specific or private investors in general becoming commonplace there for out of country buyers? I definitely would prefer to stay with banks if possible but also want a backup plan just in case.
Thanks again,
Chad
David
I shared the information you wrote with about 150 people already. Great information needs to be shared. You do such a wonderful job explaining all the small details. My clients, I am sure appreciated it.I dont think Scott minds because he will pick up a few more members. That is what helps to draw new members. That helps stimulate business.
Thanks
Sorry, Sir but if you write good quality information as you did, there is no way it should not be shared. Why would you want to with hold information from so many people. Is it just because you are angry with me or is it that you felt the information really belonged to the inform belonged to you personally. It did until you published it.
No, dear you wrote quality information and everyone is deserving of getting good information. If you were someone else a person that I did not know, your comment would mean something but you are a person who shares and cares. You are just angry with me. Sorry, about that, regardless, if you write good quality information and I know people that it will help. I am going to let them know about it. I do that with things Gringo Tico write, Scott, Maravilla,and everyone.
So, forgive me for thinking your publication was worth broadcasting. I respected you enough to leave your name on it. Your good guy, peace out.
Jenny,
I am new to this whole forum but it seems to me to be pretty disrespectful for you (Jenny) to take information provided within the walls of this forum that requires a membership and essentially using it for your own solicitation of business. It is your choice to use the information but you cannot publish his quoted information without his permission. I don’t know the specific legalities but it is wrong and if you leave his name out it is simply plagiarism….definition straight from the dictionary:
the unauthorized use or close imitation of the language and thoughts of another author and the representation of them as one’s own original work.
Hope u get booted sorry but you don’t deserve the right to be on this forum any longer.
Thanks Sir, but this web did not require a security clearaance. I have plenty of business and this was not used for my business. This was used to inform people like yourself who are ignorant of a lot of things to get valuable information so they will not be ignorant of some very valuable facts. The walls of this forum. It is amazing how people who do not have any control can begin to dictate how the forum should be used.
I could have used the information and not tell Mr Murray. Kick me off the forum, that is one reason our kids are killing in the street we have blood thirsty people that always want to crush something. Kick me off, Mr Johnny come lately.
Well, start first with storming the doors of http://www.welovecostarica.com and perhaps picketting the forum to remove Jenny. Bless your heart, thanks for liking me so much.
Until Scott writes this phrase, information you read on this forum can not be disclosed to others who are not members of the forum.
That is how people join the forum, they hear that valuable information can be had by joining in. I never knew the forum was a secret society membership.
Let’s hang Jenny, if that makes you feel better. Stimulates your heart, makes your blood pump. Anything to keep you going , brother.
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What part do you not understand?
In the Terms of Use on this site which can be found at you will see the following listed under #2:
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