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Mortgage Advice

Hello Friends and Happy New Year. I was hoping to get some advice from my fellow Americans living in Colombia. I bought some land in La Mesa de Los Santos near Bucaramanga, and I think I am ready to build my finca. Dropping $150 million pesos in cash in not exactly something I want to do, nor do I want to go through the local lending companies as interest rates are extremely high. Does anyone know of a Lender in the USA that will allow mortgages in Colombia? I have looked around, and have found nothing...yet I have not looked that hard. Any advice is greatly appreciated.

By bkelly on Jan 5, 2006, 07:41 in Friendly Talkzone.

Brians says on Jan 5, 2006, 08:42:

Nobody will do it There is no US company that would lend money with an Iternational asset. epsecially for that amount of money. I have lost major lending opportunities because banks wouldn't do an arrangment for Mexican companies. Your only option would be a Second on your home which would be Prime based. Otherwise if you have any equity in your house you could refi with money back to you and use that money and lock the rate. The second option is the nly way to get a fixed rate. The US banks will want a domestic asset as collateral on the loan. Too many risks otherwise to them.

0 funny, 0 helpful.

bkelly says on Jan 5, 2006, 15:21:

Thought so This is what I thought. Thanks.

--bkelly

--bkelly

0 funny, 0 helpful.