Costa Rica Mortgages - Construction financing.
Ross Sveback
The second biggest question that we get asked is; 'Do you do construction financing?' and the answer is yes! Obtaining a construction loan for a property in Costa Rica is similar to one in the U.S. and Canada, and it is almost the same as getting a loan for a regular purchase but with a few additional requirements. First off, we are going to need to see planos. These are construction plans from your architect/developer/builder showing us a rendition of your future home. We also are going to need copies of the construction permits you have obtained to build your home.
Upon approval of your loan, a draw schedule will be determined for your builder to be able to withdraw funds out of your construction loan. At the closing is when the initial draw will take place, and subsequent draws will be done at various periods of time during the construction process. At each request, your builder will have to provide proof of billing for each particular item he is requesting funding for. Our bank will send someone out around the time each request is made to ensure that construction is being done and that your home is being built properly to ensure your/their position/value. During the draw period, your monthly payment will be deducted out of the construction loan funds. At the time of final draw, we will close on your construction loan and roll it into a permanent loan. This will pay off your indenture to the developer/builder, a final appraisal will be done to ensure your position/value and you will be able to move in. This program is generally applicable to stand-alone residential homes although we also have the ability to do construction loans on pre-construction condominium sales, so if you are buying a condo in Costa Rica just ask me how we might be able to help you. Lastly, I want to say thank you to all of you who have inquired about mortgages. You have all been absolutely wonderful to work with, and your business is appreciated immensely. Written by Ross Sveback If you would like more information about Costa Rica mortgages, please help us to help you by using the simple form below. Please note that since many Internet service providers in the USA and Canada block international emails from Costa Rica and other foreign countries, we will require your telephone number so that they can call you and clarify your own unique circumstances.
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