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Financing???

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FloridaBill
  6/13/2017 13:48 EST

Hello,
We are a retired couple looking for a vacation/investment property in Belize. Since we did not hit the lottery the other day (rats!) and we do not have $300,000 or so lying around, we would need financing. Any suggestions on which banks or lenders to approach??? Any advice would be greatly appreciated.

CayeCaulker4Me
  6/13/2017 14:51 EST

Hey Bill, In our searching for property/houses, the only mention of financing is "owner financing", usually terms like "20% down, 5-10 years @ 8%" or similar.

My advice is that as you look around in the area(s) you're interested in and check out the realtor's websites, look for those properties that list the "Owner Financing" option.

I don't believe there is much of a mortgage market for the banks in Belize, however I could be wrong. We just have not seen any signs of it in over 2 years of research. But then again, we have the proceeds from a home sale here in CT to invest, so we're not seeking financing of any sort.

Best Wishes!

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dqtester
  6/13/2017 14:54 EST

https://www.belize.com/home-finance-options-in-belize

Home Finance Options In Belize

FloridaBill
  6/13/2017 16:02 EST

Thank you for your response to my inquiry. Much appreciated. It will give us some pertinent questions to ask when we look and the properties.

FloridaBill
  6/13/2017 16:05 EST

Thanks for the information. Very much appreciated. We'll look into it and see what it says. Hopefully it'll be what we need!

bobbyveee
  6/13/2017 17:13 EST

Dont buy anything until youve been in Belize at least a year, very easy to buy very hard to sell. Trouble with owner financing is you have little bargaining power. Take your time in any financial transactions you do in Belize.

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gdeall
  6/13/2017 19:25 EST

Visit www.cerrossands.com We can do financing for you.

FloridaBill
  6/14/2017 06:09 EST

Very good advice, thanks!

bradinbelize
  6/14/2017 07:33 EST

Very little financing other than owner financing. There are some banks that will do it but most require about 40% + down payment and rates are in the 9 - 10% range. If you have a 401K you can borrow from it (basically from yourself) up to 50% of the total value, up to a $50,000 USD max. If you're wife has one as well, then there's another 50%

If you are looking on San Pedro (ambergris Caye), contact me and I have some financing options that I might be able to help with there through private investors.

Ozzy
  6/14/2017 12:50 EST

What about home equity line of credit? Assuming you own a house in the U.S. or Canada. You can have up to 80% of your house value.

katzgar
  6/14/2017 13:05 EST

40% of expat return back North according to an estimate by another expat so don't buy anything until you understand what you're getting yourself into because it will be very difficult to sell

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bobbyveee
  6/14/2017 13:39 EST

Ive heard from long term expats that upto 60% return after 3 yrs, especially older ones who encounter long term illness or problem with family back in the states

FloridaBill
  6/14/2017 13:41 EST

Thanks to all of you who replied to my message. Lots of useful info and sites to look at. We will be in Belize the end of this month, but only in the southern portion, near the Placencia peninsula. Will look carefully at options; may not like anything at all!
Bill

Retirednavy
  6/15/2017 07:14 EST

I suggest that you contact Atlantic International Bank here in Belize (google website). They do offer financing on new construction if you purchase the land, and jump thru " el mucho" hoops. Any questions, or more details, you can IM me.

katzgar
  6/15/2017 08:13 EST

The southern part of the country is much better than the northern part of the country and the northern part of the country is closer to shopping and Medical Care in Mexico

katzgar
  6/15/2017 10:16 EST

I meant to say the southern part is much wetter

DDR
  6/15/2017 11:27 EST

Financing is available from the banks there.What killed the US RE market was financing seized up and the FedRes now underwrites 90% of US mortgages.

If financing wasn't available (most people take finance) prices would be much lower.Just out of curiosity, what percentage are cash buyers?I wouldn't think more than 10%.Could be wrong.

bobbyveee
  6/15/2017 12:25 EST

I heard from a realtor friend on AC that nearly every expat sale is cash in $US , getting a loan from a Belizian bank as an expat is nearly impossible and expensive.

Retirednavy
  6/16/2017 08:27 EST

Visit the Atlantic Bank International in Placencia. Talk to Branch Manager, Roel about a loan. Sure, rates are high, but not higher than they have been in the states.
And regardless of what others say, I recently got a home loan there!

Ozzy
  6/17/2017 00:00 EST

"Sure, rates are high, but not higher than they have been in the states." Really? Can you get 3.75% in Belize. Let me know. I will jump on it.

DDR
  6/17/2017 02:56 EST

Somewhat conjecture.US 30 yr single family residence APR 4% w/20% down.
In Belize you'd likely need 25% down at 7%.At least the bank wouldn't loan on a POS or over market value property.Plus they'd require all the paper work on RE loans.Deeds survey etc.
Some RE for sale is actually on government leased reservations.At least kind of.Good luck on your loan.

elgordo42
  6/17/2017 14:53 EST

On the other hand, if you don't insist on living in San Pedro or Placencia...
I just saw two nice 2BR houses listed on Facebook near $80,000. And I bought my little 1BR concrete house near Cayo, on a 3/4 acre (mostly hillside) plot, for under $50,000.
If you look around, you might find a nice enough place for a lot less than 300K.

bobbyveee
  6/17/2017 17:44 EST

Its horses for course, whats one person is anothers nightmare, i know as a retiree we wanted comfort and a place for family members from around the world, you dont find in Cayo go $80k . And anyone thinking they can get a cheap mortgage is disillusioned , the country is broke , read the latest IMF report.

Ozzy
  6/17/2017 20:34 EST

What I am trying to say that instead of getting mortgage in Belize, use your US home and get a home equity line of credit from a US bank. You can get up to 80% of your home value at still low US interest rates. You can use this money to buy or build in Belize. US banks do not care how you use your home equity line of credit.

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