Forums > Specific Focus > Home, Garden & Construction in Mexico

Roger

Oct 14, 2002, 6:53 PM

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new constrution finance

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I am looking for info re" new constrction financing for single family/rental thru bank or other. Property is beach front located South of Cancun. Any info would be welcome. Feel free to reply to my e mail address, rlstone1n@netscape.net or post on msg board. Thanx

Carl Carlson

Oct 15, 2002, 2:05 PM

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new constrution finance

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As I understand it, Mexico lacks the deed of trust and other legal mechanisms that permit American style mortgages. I understand that short term loans (a few years) with major down payments are sometimes available. Some American firms will loan for a Mexican house with your American house as collateral. I'd look for private money. Ask a mortgage broker in your home town for the name of someone who handles private loans. You may have to dig around a bit, and the loans are more expensive.

DavidG

Oct 16, 2002, 10:22 PM

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New South Federal Savings Bank

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In Birmingham Alabama does this. Also known as Collateral Mortgage Co. Sorry I don't have their phone number. They will refer you to the Mexico special division in San Antonio.<p>Collateral for the loan is the Mexico property and house, not necessary to provide other collateral. Works with, and becomes a part of the Fedicomiso. Loan closing takes place in Mexico. They advance the money for construction as the project proceeds. They will have an inspection of the property each time you request a draw for additional construction funds. Interest rate is around 9%.<p>DavidG<p>