skip to Main Content
  • English
  • Español
info@gapequityloans.com

Private Mortgages in Costa Rica 2023

Most banks in Costa Rica cannot give private mortgages to foreigners in 2023 unless they are at least permanent residents; however, many of the country’s most prominent financial institutions, as well as international financial institutions like Scotia and Davivienda, have age restrictions, credit criteria, and income limitations. Anyone who has asked for a loan in Costa Rica knows that the procedure may be drawn out and complex, with varying degrees of success.

 

The good news is we can connect you to private lenders who will offer loans to our clients without the need for the following:

1. No income requirement

2. No credit requirement

3. No life insurance requirement

4. Perfect age requirement

 

These private lenders will provide loans of up to 45% of the property’s worth. The best news is that the procedure is far more straightforward than working with a conventional bank, and these lenders can finance your loan in as little as 10 days!

 

Faster Financing

Even if you are initially authorized, securing a loan from the bank can be a time-consuming procedure. Financing can be supplied in weeks rather than months or years since private mortgages need significantly less paperwork and have fewer obstacles to clear.

 

Easier Qualifications

The simplicity of qualification is maybe the largest benefit of a private mortgage. Low credit scores or fluctuating income won’t necessarily be a barrier, even if you may still be required to produce your credit history and evidence of income to establish interest rate and repayment duration.

 

Higher Flexibility

Banks often provide you a range of basic mortgage terms to pick from. A private loan, however, is exempt from these restrictions, giving you more freedom to negotiate conditions that are advantageous to both you and your lender.

 

Interest Rates

Private mortgage loans may have higher interest rates than conventional bank loans, sometimes reaching 18% with a high LTV (loan to value) ratio. Payback times tend to be brief. The typical loan term for conventional mortgages is 30 years, but the typical private mortgage repayment period is 1 to 3 years. Not every party has the means to make this timeframe work.

 

When you have the right legal expertise to help you weigh the benefits and dangers, getting a private mortgage is simpler. Sign up with us to learn more about private mortgages and clarify your doubts regarding the topic.

 

 

Complete our quick online Loan Request Form for a free evaluation now!

 

 

 


Want to invest money? – Click HERE.
Looking for Real Estate? – Click HERE.
Need your Residency in Costa Rica? – Click HERE.
Are you ready for a Relocation Tour? – Click HERE.

Back To Top
Search