Financing for foreigners still difficult to come by from Costa Rica banks, but sometimes there are options from sellers.

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If you are thing of buying a place in Costa Rica and need financing, don’t count on the banks here to make it happen. I have been working in real estate for years here and I have NEVER done a deal with bank financing for a foreigner… NEVER!

Many banks here say that they can do it, and there are even mortgage brokers that are supposed to make it easy. However, each time I have tried to do this with a client the amount of paperwork, access to past financial records, rates, and terms end up scaring them off and makes them realize that bank financing is not an option.

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On the other side of the coin, if you are a Costa Rica resident and more specifically a resident without conditions, there are now attractive rates such as 7% fixed for 5 years with BAC San Jose or 100% financing with BCR at 7.75%.

So, what does this mean for the retiree, investor, or second home owner?

Well, it means that you need to find a way to get the cash here by leveraging other assets, cashing out assets, or buying with built in seller financing.

The subject of financing is one of the first I bring up with my clients so I can help them focus on properties that are attainable with the amount of cash and income they have available.

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There are some sellers who specifically want to sell with financing. Generally these are short term loans for 3-5 years at 8% or higher. One example in the photographs above is a spacious, brand new house in Santa Ana near Valle del Sol Golf Club listed at $625K.

Another property is this 22.9 hectare (56 acre) farm in Grifo Alto de Puriscal that is ready to develop for $899K (less than $4/meter). It has water, power, and roads in place ready to turn it into a home development, family compound, resort, or hotel.

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It is often a tough reality check for foreign buyers here but it is realty, so it is best to have this knowledge up front, before you start your search.

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