| International Mortgage Update from Playa del Carmen |
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| Wednesday, 10 October 2007 | |
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Great to be back in Playa del Carmen! Well, we are back after a much needed break! Seattle was amazingly beautiful and fun, but it is always nice to come back home. We will be posting more regularly as we are now back in the office so if you have something to say, announce, or just want to share a fun exprienc, please send it our way and we will post it if we can......Now for a Playa del Carmen and Riviera Maya real estate update:
International Commercial Real
Estate Loans; Fact or Fiction?
However, recently we have found out that hard money lenders in the United States have been looking to expand lending borders for prospective borrowers. Consequently, a number of them have now closed deals outside of the United States. There are two types of commercial lenders; those that offer soft money at low interest rates, and those who offer hard money at higher interest rates. Regardless of which one you choose, the interest rates offered for international commercial deals are not going to be anywhere near what they are when the deal is done within the USA. I have learned in my lifetime that the more expensive the loan quote, the more likely the lender or source of funding is for real. For instance, hard money commercial real estate loans are very expensive; thus, the company quoting 4% interest for 20 years usually turns out to be advance fee scammers. The company quoting 12% interest and eight to ten points actually wants to close loans. You need to be careful and watch out for those fee scammers who will only have you dancing around and taking your money while never being able to close the loan. So let me just tell you that, - international commercial real estate loans actually do close!... they're just a little bit more expensive right now. After these daring hard money lenders make a few hundred million dollars in loan fees making international commercial real estate loans, the banks and Wall Street will probably follow. In the long run, however, a lot of resort projects out there still make sense at 12% interest rate and eight points closing fees. If you have an international commercial real estate loan request of $1 million USD or higher, please contact us: Enrique (Henry) Saldana - Mexico Mortgage Solutions Professional Building 28 - 2nd. Floor, Ste. 1 Carr. Federal Esq. con Constituyentes Edif. Playa Med Playa del Carmen, Q. Roo C.P. 77710 Tel: (984) 873-1544 Cel: (984) 116-8528 This email address is being protected from spam bots, you need Javascript enabled to view it Comments (2)
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written by Deborah Mickelson, December 03, 2007
Great article ! I work as mortgage broker in Playa del Carmen. We too are closing loans. I can beat the 12% interest rate, but the closing cost is about the same percent. Our LTV is 70 - 80 % up to 30 years.
... written by M. Dalton, March 03, 2008
Very interesting article. How is the market for UK residents wishing to take out investment mortgages in Mexico?
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