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Private Mortgages in Costa Rica 2023

Private Mortgages in Costa Rica: Financing done Fast and Easy

If you’re a foreigner seeking a private mortgage in Costa Rica, you may need help working with traditional banks. Most financial institutions in the country only offer private mortgages to permanent residents and have strict credit criteria, income limitations, and age restrictions. As a result, the process can be complicated and lengthy, with no guarantee of success.

Fortunately, there is an alternative: private lenders who can offer loans to clients without the need for income or credit requirements, life insurance, or perfect age qualifications. These lenders can finance up to 45% of your property’s worth and provide financing in as little as ten days, making it faster and more straightforward than working with a conventional bank.

Let’s look at the benefits of private mortgages in Costa Rica.

Faster Financing

Unlike traditional bank loans, private mortgages require significantly less paperwork and have fewer obstacles to clear, making the financing process much faster. Even if you’re initially approved for a bank loan, the process can still be lengthy and time-consuming, with financing taking months or even years to secure. With private mortgages, you can get funding in just a matter of weeks, allowing you to move forward with your plans sooner.

Easier Qualifications

One of the most significant advantages of private mortgages is the ease of qualification. Low credit scores or fluctuating income won’t necessarily be a barrier. However, you may still be required to provide your credit history and proof of income to establish interest rates and repayment duration. This flexibility means that even if you don’t meet the strict criteria set by traditional banks, you may still be able to secure financing through a private lender.

Higher Flexibility

When you work with traditional banks, you’re often limited to a range of basic mortgage terms that may not benefit you. Private mortgages allow you to negotiate conditions that work for you and your lender. This higher flexibility means you can tailor your mortgage to your specific needs and circumstances, making it a more personalized and effective solution.

Interest Rates

While private mortgages may have higher interest rates than traditional bank loans, they tend to have shorter payback times. Conventional mortgages often have a repayment period of 30 years, while private mortgages usually have a shorter repayment period of 1 to 3 years. This may be ideal for some, but it can benefit those needing short-term financing solutions.


Obtaining a private mortgage in Costa Rica may be the solution you need if you’re a foreigner who doesn’t meet the strict criteria set by traditional banks. With more accessible qualifications, faster financing, higher flexibility, and shorter repayment periods, private mortgages offer many benefits that traditional bank loans do not. While they may have higher interest rates, they can still be a cost-effective and practical solution for short-term financing. If you’re interested in learning more about private mortgages in Costa Rica, please sign up with us today to help clear up your doubts and get the legal expertise you need to make an informed decision.

-Written by Glenn Tellier (Founder of Grupo Gap)



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    Frequently Asked Questions

    What is a private mortgage?

    A private mortgage is a loan offered by private lenders instead of traditional banks. Private lenders often have fewer requirements and provide more flexibility than banks.

    Who can apply for a private mortgage in Costa Rica?

    Anyone can apply for a private mortgage in Costa Rica, including foreigners if they have property to use as collateral.

    What are the benefits of a private mortgage?

    Private mortgages often have more straightforward qualification requirements, faster financing, and flexible loan conditions. They can also be a good option for those with not so great credit or fluctuating income.

    How much can I borrow with a private mortgage in Costa Rica?

    Private lenders typically offer loans of up to 45% of the property’s worth.

    What are the interest rates for private mortgages in Costa Rica?

    Interest rates for private mortgages can be higher than those offered by traditional banks, sometimes reaching 18% with a high loan-to-value (LTV) ratio.

    How long is the repayment period for a private mortgage in Costa Rica?

    The typical repayment period for a private mortgage is 1 to 3 years, shorter than the typical 30-year repayment period for traditional mortgages.

    What is the application process for a private mortgage?

    The application process for a private mortgage can vary depending on the lender, because you are using your property as colateral it generally involves filling out an application form and providing proof of income and maybe your credit history. Private lenders may have fewer requirements than traditional banks.

    How long does it take to get approved for a private mortgage in Costa Rica?

    Private mortgages can be approved much faster than traditional bank loans, often in as little as ten days.



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