Comments on: Popular Mortgage Puerto Rico

By: Bella Rodrigues

Bella Rodrigues — Wed, 21 Apr 2010 14:38:54 +0000

So, has anyone found a good mortgage lender who will finance a house in Puerto Rico that is 1/3 complete? I am building on Vieques.

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By: More Reasons Banco Popular Sucks | California 2 Puerto Rico

More Reasons Banco Popular Sucks | California 2 Puerto Rico — Mon, 08 Mar 2010 11:10:38 +0000

[...] Banco Popular – Puerto Rico If you did it right, your link will look like this: Banco Popular – Puerto Rico [...]

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By: Summer

Summer — Wed, 21 Oct 2009 17:07:01 +0000

Bernie – Yep…Puerto Rican banks are pretty shady, from what we’ve experienced with Banco Popular. We’ve tried to find a US bank that with refi in PR and have not been successful. Let us know if you have better luck!

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By: Bernie

Bernie — Tue, 13 Oct 2009 07:03:25 +0000

I moved to PR with my lil sister when were 19 and 18. We lived in Condado, SJ. It was the bwest time of our lives. I stayed for 4 years, she stayed for 7. I bought there 2 1/2 yrs ago in Toa Alta and have no regrets except Dealing with the retards at First Bank. They are unorganized. Capital Mortgage is another to stay away from. Veterans need to insist on the VA loan, They will try to push all other loan options as much as they can.

I was told i would close at 6%, it took them 54 days to close at no fault of my own. I gave them everything they needed within in 1 week of the sellers consession. They snuck in anoth .8% on my wife who finished the closing wiuth a POA. I called them after and could do nothing but tell them what I thought of their practice. Low-ball your offer by 15% of the asking price no matter what your reality agent says. They will tell you that they don’t underwrite the same way as we do in the states, but stick to your guns and be creative. Write adendums to protect yourself upon or befor entering the sellers consession.

I’m looking for US based Banks that refi property or write HELOC’s in PR, Can Anyone Help?

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By: Faith

Faith — Fri, 07 Aug 2009 14:03:33 +0000

Thank you. I do appreciate your blog, actually the first one I really participated in.

Of course there are many friends and family who don’t follow your same dream – like that of living in PR.

I have been to PR several times, actually, have more friends in PR than I do here in Dallas.

Can you give me your perception of the crime rate? I know that PR is an improverished territory, and where there is poverty there is usually the propensity for crime. Actually, my contention is that it is not worse than any place else here on the mainland, but that it is more confined since PR is an island and can’t extend beyond it’s borders.

I realize this question goes beyond the purpose of your blog. And I don’t usually allow other’s fears to dictate my actions, but, I am asking because as a single person I always try to be prudent in my judgments. PR has been a dream of mine since my first visit in the ’80s – and now the call is getting much stronger – but I don’t want to be unrealistic in my choices either.

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By: Stefan

Stefan — Fri, 07 Aug 2009 10:55:15 +0000

@Faith
Although everything you just mentioned makes perfect sense, the answer is no, nothing of the sort. The bank estimated what it would cost to finish the house based on what needed to be done. They were about $70,000 under what it cost

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By: Faith

Faith — Thu, 06 Aug 2009 20:31:46 +0000

I am wondering. In order to create a budget for construction, did you have access to local construction costs? Did you allocate a certain dollar amount per square foot?

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By: Stefan

Stefan — Wed, 14 May 2008 17:52:22 +0000

David

I don’t know of a financial institution that will provide an inexpensive loan on a land purchase. The smartest thing I’ve seen anyone do around Rincon to avoid that is to build a small one bedroom cottage on the property so it (the little house and all the land around it) can be sold with a regular old traditional mortgage.

I would recommend calling Banco Popular, Western Band and The Coop ahead of time and check their rates and begin organizing your paperwork. There was so much more than I anticipated.

I think the Coop provides loans based on how much assets you have in your account with their bank and are the most reasonable with projects.

Good luck!

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By: David Robles

David Robles — Wed, 14 May 2008 15:08:42 +0000

Stefan,
I am glad to hear things worked out for you. I wonder if you could help me, as it is obvious after reading your post that you’re almost a resident expert on getting a “non-traditional” loan from a Puerto Rican financial institution. This is my situation:
I want to buy a piece of undeveloped real estate in the southern town of Salinas. Owner is asking for $90,000. I plan to build a house, but it won’t be for another 2-3 years. I don’t have the cash in my pocket to purchase the property, but I am doing OK with salary (I am working in Africa) and a pension (US Army, Retired), I can pay the $90k in 18 months and my credit history is excellent. My main concern is that I can’t call Puerto Rico from here (Equatorial Guinea), but plan to go to Puerto Rico for a couple of days during my vacation time (late June 2008). Won’t have much time do go around walking trying to find a lender. Question: Would you happen to know which financial institution would provide me with such a loan? If you do, how would you go about the process. Again, congrats of making your dreams come true. David Robles

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By: sean

sean — Sat, 19 Apr 2008 15:56:41 +0000

my wife and i love your website!! Your most reacent post about mortgages is simply horrifying. we are about go to closing and commit to construction. Western bank has given us a 7% for the year of construction. if you dont mind (or have free wknds – if so 516 3303556) i would love to pick your brain via email or cell. PS did you make it out in that surf it seemed INSANE!! thanks for schooling us!!

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