When you're looking to take out a mortgage loan on your property, the mortgage lenders…
Gap Equity Loans is a Costa Rican company, founded in 2008 by industry experts looking to offer accessible equity loans for those in need. So, the question of the day is “Where to go for a Loan in Costa Rica?”
Here are some of the many reasons to come to Gap Equity Loans:
We have said it many times before, but we can close in 5 days assuming we have all the requested information. First, make a loan request, provide 10 pictures and land survey (Plano Catastro) number and Google Maps coordinates. Once we have that and do our preliminary due diligence and valuation, we go see the property, then give it our appraisal than we present it to our lending network. Once they approve the loan, we get the lawyer to draw the mortgage paperwork and coordinate the close and — Voila! — money in your hands within days!
Our rates are super competitive! We offer loans from 10-14% depending on the quality of the loan and amount requested. We try to be as fair to the borrower as well as protect the lender. The reason for this is, unlike other lending companies out there, we are not interested in foreclosures. Neither are our lenders. They are just looking for a decent, reliable return on their investment. By achieving this, we create a “win-win” situation. Charging 18-24%, giving the borrower enough rope to hang themselves, is not what we do!
Gap can do up to $1,000,000 loans. These are rare but feasible if the collateral is good enough! On average, our loan amounts are approx. $100,000 to $250,000. Although we have done loans as low as $30,000.00, the above seems to be the sweet spot for our lenders.
4. Types of Loans
There are many reasons why we can offer more than the banks for example. We have done loans for solar energy, buying a boat or renovating your home. We also have done construction loans with some larger companies. (Those are more complex and must be near completion before consideration.) Loans like these are simple for us, whereas the commercials banks seem not to be very interested in these types of loans.
5. Added Value
We pride ourselves on being more than just loan originators. We offer people many services through our affiliates, including wills, life insurance, property insurance and even travel insurance! Borrowers often come to us for business plans and executive summaries, if there is a project involved.
With over 100 years of combined experience in business in Costa Rica, we pretty much know what works here and what doesn’t. We keep a line of communication open at all times for the borrower so they can call us with any concerns or inquiries. We also pay referral fees. After all, a borrower that knows we are here for them will definitely recommend us to other potential borrowers.