First, there are a lot of private lenders in Costa Rica.
Like everywhere, some are good and some are not so good. Do your research. Check them out on the internet. See if there are any nasty blogs about them. Look at their website….is it dated, does it look active, etc. Hopefully, you can find somebody that has done a loan with them in the past. Many people come to us through a referral. Having gone through the borrowing process with us themselves, it is a high honor for us to receive such a referral.
Many borrowers are a bit nervous when they come to us. We understand that you are coming to us for a loan that perhaps the Bank has turned down or something urgent has come up. This is the business we are in. Again, and again, we run into the details that have been left out. Please, just be clear what the situation is. Our job is to see if there is a way to facilitate the loan while keeping the lender protected. We will not do a loan if we feel you cannot pay it back. For that, …it may be better to just fire sale your property instead of going through this procedure of borrowing money, destroying your credit, upsetting a lot of people. Let’s not forget that there is an expense to borrowing money and not paying it back, in terms of legal fees, late penalties, commissions etc. We can accommodate you as well if there is a need to sell your property through Gap Real Estate.
Filling out the application and giving us full disclosure sets the precedent for a long-lasting relationship with all parties. We simply want to do a fair deal with all parties involved generating a positive outcome at the end of the loan term.
Our lenders are individuals looking to put their money out in a safe investment and receive a decent return. The profiles of our lenders are very similar. Mostly retired individuals that have chosen to invest money with us rather than tackle the complexities of opening up a business or restaurant, etc.
Our borrowers are looking for a trustworthy lender, someone that does not want a foreclosure, simply a monthly check. This happens by creating confidence within the group. This is achieved by completely understanding our loan requirements, which are all listed on our website, and by full disclosure. As a borrower, you need to have a full and complete understanding of how the loans work in order to feel comfortable with your decision. We want to help you out in a time of need as long as all of the above issues are addressed.