Financing options in Colombia

billyb says on Oct 10, 2006, 15:21:

Several banks in Colombia have..... dropped their interest rates on mortgages to around 12% annually. You'll be able to get more detail from other posters here. You could also, if you have property in the US, get a home equity loan here and use the money to pay cash for the property there, that way you can deduct the interest from your income tax and your interest should be lower than 12%.

BillyB

0 funny, 0 helpful.

tejasmarcos says on Oct 10, 2006, 15:29:

i'll loan you the money at 11.5%! gotta pay cash here unless you don't mind those type of rates. i'm sure it would be difficult for foreigners qualifying for Colombian mortgages as well. probably a large down payment and even higher rates.

trying to walk a straight line on sour mash and cheap wine...

0 funny, 0 helpful.

Tom says on Oct 10, 2006, 16:10:

NO I got a mortgage 1,5 years ago form a Colombian Bank without any down payment, maybe I had the advantage that I know the Gerente of the Bank, even I got a Debit Card with a loan of 6.000,000 per month and last month 2 Credit cards,

you should to try it anyway, nothing is impossible

hasta la vista

hasta la vista

0 funny, 0 helpful.

tejasmarcos says on Oct 10, 2006, 17:53:

what were you rates? Tom?

trying to walk a straight line on sour mash and cheap wine...

0 funny, 0 helpful.

jbone says on Oct 11, 2006, 05:15:

The short answer: FORGET ABOUT LOANS Loans to non Colombians are almost impossible to obtain. The interest rates, if you get the loan, are adjusted every 6 months, and the rates are much higher than in the states.

Transfer the money from your bank in your country, to your savings bank account here in Colombia.

Paul Juan, of Cartagena Realty, has more information plus a lot of
Real Estate Buyer's Tips on his website.

www.cartagenarealty.com

Good Luck,

jbone

0 funny, 0 helpful.

tejasmarcos says on Oct 11, 2006, 05:28:

CD Rates i thought i saw a sign at Oviedo Mall here in MDE advertising 6 & 12 month CD's at 7.5%. Could this be correct?

trying to walk a straight line on sour mash and cheap wine...

0 funny, 0 helpful.

percy says on Oct 11, 2006, 05:34:

cd's interest I would like to no what interest the banks are paying on cd's for
6 to 12 months.

0 funny, 0 helpful.

Gator says on Oct 11, 2006, 07:52:

Banco de Republica Here are the rates for 2006 for 180 Day 360 Day

CD CD
2006 January 26 - 01 7.09 7.55
02 - 08 6.97 7.26
09 - 15 6.87 7.19
16 - 22 6.88 7.02
23 - 29 6.80 6.80
February 30 - 05 6.72 7.11
06 - 12 6.65 6.97
13 - 19 6.68 6.65
20 - 26 6.48 6.88
March 27 - 05 6.54 6.89
06 - 12 6.63 6.83
13 - 19 6.49 7.03
20 - 26 6.42 6.99
April 27 - 02 6.47 6.83
03 - 09 6.52 6.99
10 - 16 6.55 6.55
17 - 23 6.53 7.00
24 - 30 6.48 6.85
May 01 - 07 6.43 6.89
08 - 14 6.46 6.49
15 - 21 6.43 6.18
22 - 28 6.49 5.81
June 29 - 04 6.49 6.53
05 - 11 6.63 6.11
12 - 18 6.72 6.15
19 - 25 6.60 5.66
July 26 - 02 6.58 6.07
03 - 09 6.60 5.91
10 - 16 6.50 6.19
17 - 23 6.56 6.68
24 - 30 6.58 6.54
August 31 - 06 6.96 6.58
07 - 13 6.73 6.63
14 - 20 6.83 6.92
21 - 27 6.80 7.15
September 28 - 03 6.80 7.45
04 - 10 6.72 7.21
11 - 17 6.85 6.96
18 - 24 6.87 7.31
October 25 - 01 7.04 7.36
02 - 08 6.83 7.65
09 - 15 6.85 6.85


Lots of information here:
http://www.banrep.gov.co/statistics/sta_int_rat.htm

If you are not a Colombian or a long-time permanent resident with established banking relationships you can forget about in-county financing. Best bet is borrow the $$$$ in the USA. Remember-CASH IS KING


"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

0 funny, 0 helpful.

tejasmarcos says on Oct 11, 2006, 11:10:

7+% / Awesome! so i guess the sign i saw was correct. now here is the difficult question,

this beats the pants off what i am currently receiving from my offshore bank (4.25%), however they do not release any information to the US govn't.

what is the position of Colombia's banks when it comes to this? i assume their banking privacy laws are not that strong here and if the IRS came snooping, the would release your info on a dime. correct?

trying to walk a straight line on sour mash and cheap wine...

0 funny, 0 helpful.

ColombiaBoard says on Oct 11, 2006, 11:27:

Real Estate It's a pity that the colombian real estate fairs that take place in New York and Miami don't get advertised outside the hispanic communities in those cities.

Last weekend they sold 30 MILLION DOLLARS of real estate in Colombia, that event took place in New York city (saturday, sunday, monday).

If you'd been there you could have found financing to buy your property in Colombia, most large banks were there offering financing options to colombians who live in the US and americans interested in buying properties in Colombia.

Trying to get financing while in Colombia is more difficult as some posters have mentioned. Your best option is to try to find the banks and projects while in the US.

0 funny, 0 helpful.

tejasmarcos says on Oct 11, 2006, 13:03:

ColombiaBoard - Very Interested in the fairs that sold 30 million and the banks that attended. Can you tell me more either here or in email? I found the following information below on the web, but I would be interested in getting a copy of the attendees;

* Thanks for the info as well Tinto. I did not even think about the fact that my dollars convert into pesos upon deposit. I also think you are right about close ties between the two governments.

Colombian real estate fair in New York
Mundo Hispano News, 26 July 2006. Translated from Spanish by Juana Ponce de León.

Colombians living in the New York area will now be able to buy real estate in Colombia, without having to travel back home, during the second Housing Fair to be held from October 7 to 9 in the Big Apple.

The Colombian Chamber of Construction (Camacol) encouraged their fellow nationals to take advantage of the low-interest loans, from .9 to 1 percent, to buy a home in their country.

Clara Ines Zapata, communications director at Camacol, assured Colombians that they are not risking their money since the fair is backed by the Colombian government.

More than 100 developers will participate in the fair, “Where to live and invest in Colombia,” that take place in Manhattan’s Penn Plaza Pavilion. Developers will be offering properties in 20 different Colombian cities. Representatives of several banks will also be present.

Last year’s fair generated investments of more than $23 million.

Jaime Buenahora, the Colombian Consulate in New York, pointed out that many nationals seek to return home at some point in their lives and that this fair is a good opportunity for them to purchase a home. Buenahora expects the fair to net more than $30 million, “because the Colombian community in New York is very prosperous.”

According to Zapata, they have “brought together both the public and private sector,” which resulted in the success of last year’s fair and in a Miami fair in April, where investments reached $3 million.

Interested buyers can count on 70 percent financing. Home prices vary, starting as low as $12,000, commented Zapata.

Homes have been bought in all 20 cities; however, Bogota, Medellin and Cali are the most popular.

Although the Colombian Consulate in New York also services New Jersey and Pennsylvania and Connecticut – according to Buenahora there are approximately 500,000 living in the area – Colombians from as far as California attended last year’s fair.

Thirty-two percent of the Colombian community in New York resides in Queens.

trying to walk a straight line on sour mash and cheap wine...

0 funny, 0 helpful.

ColombiaBoard says on Oct 11, 2006, 16:26:

I sent you an email Hi Tejasmarcos,

I just sent you an email with the info you requested.

0 funny, 0 helpful.

tejasmarcos says on Oct 11, 2006, 16:46:

Thanks CB I appreciate the info. Let's chat more.

trying to walk a straight line on sour mash and cheap wine...

0 funny, 0 helpful.