Refinance a hard money loan in Costa Rica
The lender who agreed to assist us in the refinance a hard money loan in Costa Rica for our clients, has decided to cancel their operations in Costa Rica.
Therefore, if you are looking to refinance a hard money loan in Costa Rica, we might not be able to assist you for now. We don’t want to delete this blog, for a simple reason: check back with us by sending us an email and describe as well as you can what you are looking for. Maybe we can still assist.
Did you purchase a vacation home or a commercial property in Costa Rica with a hard money loan in the past? Are you fed up with paying too much interest just because you’re not a resident of Costa Rica?
A hard money loan is a mortgage secured by real estate and funded by a private lender. These loans are usually for a very short term and a good fit for business people who need to get funding for an investment property quickly.
In Costa Rica getting a real estate loan approved as a foreigner is extremely difficult and takes an inordinate amount of time. Many foreign property buyers have used hard money loans to purchase a vacation home or their primary residence in Costa Rica.
This was necessary because of a lack of credit with a local bank. In Costa Rica, to be able to apply for a home mortgage, you have to be a citizen or a resident.
At Costa Rica Mortgage Solution, we will connect you with a U.S. lender who is able to get an unsecured personal loan for you in record time. As soon as you apply and complete all the necessary documents quickly. AND with no upfront fees! Learn more here.
What to refinance?
You can make your financial picture look great again. Hard money loans that can easily be refinanced are those that have good collateral and with the United States or Canadian nationality:
- Vacation homes/condos and vacation rentals
- Primary residences
For any nationality with enough collateral (not just land)
- Hotel purchase
- Office building purchase
- Warehouse purchase
- Business acquisition
- Business expansion
- Commercial & Residential real estate development
When you refinance a hard money loan or a bank loan, you’ll be giving yourself the following advantages:
- In general, the interest rates of a hard money loan are anywhere between 10% to 20%, while our lender will be much and much lower than that.
- The length of these loans is usually only from 1 to 5 years while your new loan will be from 10 – 30 years.
- Hard money lenders will probably not finance more than 50% of the loan needed (LTV). Our lender will lend a much higher Loan to Value than that.
- Conventional lenders (banks) will ask for documents, and then more documents, and then again more documents. When you think you are done, they will need another document. This process can take months to complete. We’ll have your pre-qualification within 1 working day. Get pre-qualified before you shop! And closing: 4-6 weeks after receipt of all documents.
- Sometimes, banks take too long to close and you have to get some documents reapproved since they generally expire within 90 days. This is an additional expense, and many buyers become so frustrated they just walk away.
Are you interested in refinancing your hard money loan? Contact us now with all your questions about refinancing your hard money loan and we’ll get back to you soon.
Steve Wool was a top mortgage originator for Capital First, the largest refinance company in Florida, for 7 consecutive years. He wrote the manual for Costa Rica Mortgage Company and trained all their salespeople. Steve possesses a wealth of experience and knowledge has generated millions of dollars in loans over the years.
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