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The Loan Process in Costa Rica Step by Step

Cost Rica Loan Process

With the equity loan funding process, Gap has assisted many people in achieving their ambitions. As explained below, any equity loan application must follow a number of procedures from start to finish. We assist borrowers and lenders in navigating the loan process in Costa Rica step by step, using our knowledge and experience to help with a fair and balanced transaction.

The Loan Request

  • A potential borrower finds Gap Equity Loans through our website, social media profiles, word of mouth (typically from a satisfied borrower), or our referral program;
  • The prospect fills out a loan request online or contacts us with some questions before filling out the loan request, or we get the same information through a referral agent;
  • We contact potential customers, analyze their requirements, and guide them through the loan application process. We ask any questions on which we require clarity;
  • To examine the feasibility of a loan, we start with the basics, such as a land survey (Plano cadastro) and any other relevant details;
  • We schedule a site visit with the prospective borrower to inspect the property. Following that, we meet with the borrower to discuss the loan. Finally, we work to complete the full loan application form, including all required paperwork, in order to close the transaction.

The Investor Alert

  • We create an Investor Alert with the loan information and photos taken during the site visit. This is how we promote the loan opportunity to our select group of lenders and potential lenders;
  • We suggest interest rates and terms based on what the borrower would agree to, and what we believe would be attractive to the lender given the market conditions. Final rates and terms are always subject to negotiation between the lender and the borrower;
  • We submit the information we obtained during our review to a lender who expresses interest in the loan. Grupo Gap will address any concerns or questions that the lender may have at that time.

Term Sheet and Closing the Deal

  • We’ll create a Term Sheet for both sides to review if the lender agrees to undertake the loan and both sides agree on rates and terms;
  • We arrange the necessary documents for closing the loan, with assistance from the respective attorneys. The notary public registering the loan will perform their due diligence as required by law, but we make their job easy by having done much of the legwork already;
  • The Term Sheet will be modified as needed. A date and location for formalizing the loan and making disbursements will be determined;
  • The parties sign at the closing, and the lender makes the disbursements specified on the final Term Sheet. According to Costa Rican law, the official terms of the loan are recorded and signed in the protocol book of a notary public. Following that, the formal loan documentation (escritura) is filed with the National Registry, which records the loan on the borrower’s title.

Getting Started

A loan is a long-term relationship between a lender and a borrower, therefore this is merely the beginning. Following the start of the loan, the borrower makes payments to the lender accordingly.

We often work directly with both the lender and the borrower at Grupo Gap. We are here to help you with the loan process. With most loans, we do a periodic due diligence check to ensure that the property’s conditions haven’t changed. It is outlined in the Term Sheet.



By the way, did you know that if you spend $150,000 or more on a home in Costa Rica, you may be eligible for Costa Rica residency?   CLICK HERE FOR MORE INFORMATION


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