Circle of Legends

Written by Michael Simons on . Posted in Buying and Selling Property in Costa Rica, Costa Rica Living, Newsletters, Tres Amigos Realty

Circle of Legends

Real Estate is a great business. I get to put paradise in your hands, and I make a very good living doing it. I am a lucky man. Over the years, I have made some amazing friendships, met some of the most incredible people, and had an absolute blast. I have changed lives and they have changed mine; for the better. I have tried, since the moment I arrived in Costa Rica, to give as much back to this fascinating country that I can, because I am well aware of what it has given me. I love what I do and people tell me that it shows. Because of this passion, I have gotten a lot of recognition and received a ton of awards, but I am a very humble person at heart, and it is hard for me to take compliments. I don’t like to pat myself on the back. So, you can imagine how surprised I was, when this huge FedEx box arrived at the office the other day. I didn’t order any ceiling fans on Amazon, did I?

circle of legends award

Financing property in Costa Rica–What are the options?

Written by Michael Simons on . Posted in Buying and Selling Property in Costa Rica, Costa Rica Service Providers, FAQ's, Investing in Costa Rica

Financing in Costa Rica

You will see all kinds of information on the internet about financing property in Costa Rica.  Many websites tell you that they have financing options available through the National or Local banks.  I have been selling real estate in this country since 2003 and only a handful of my clients have been able to obtain a loan with a Costa Rican bank. 

Financing property in Costa Rica can make this your home in paradise

It’s not that you can’t get a loan, it’s that most foreigners, after reviewing all the documents and costs, don’t take the loan.  First off, it is very difficult to qualify for a loan if you are not a permanent resident of this country.  The paperwork is mind-boggling and the banks do not operate with the efficiency that you are used to in the USA or Canada.  It can take months for an answer which is usually NO anyway.  Second, the fees are very high; usually, 3 to 5 % higher than a traditional loan in North America and the closing costs are as much as 3% of the loan, on top of the normal closing costs.

So when most buyers see these numbers, they change their minds and search for an alternate way to purchase their little piece of paradise.  One of the reasons Costa Rica is so stable, in my opinion, is because they don’t lend money.  We all know that the problem with the USA was the banks’ poor lending practices.  In the history of this country, not one single bank has ever failed.  That is an amazing statistic.  It’s because they don’t frivolously lend money, and they almost NEVER lend money to foreigners.  As a client of mine from Tallahassee says, “you gotta pay to play”.

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