GAP Equity Loans: What Is a Bridge Loan in Costa Rica?

GAP Equity Loans handles property-backed financing requests involving qualifying Costa Rica real estate. Each request is considered according to the individual property and loan file, providing an alternative to traditional banking channels that can involve strict requirements and lengthy processes.

Property Financing Request Basics

Requests start at US$50,000 and up. Terms are six months to three years. This structure allows for different financing needs while maintaining a practical framework for property-backed transactions.

No credit score is requested. The focus remains on the qualifying Costa Rica real estate and the details of each individual loan file rather than credit history.

Closing Timing for Qualified Files

Qualified files can close in about 10 days. This timeline contrasts with traditional banks, which can involve strict requirements and lengthy processes that extend the closing period considerably.

The financing uses qualifying Costa Rica real estate and the lender receives first-lien position.

Lien Position Requirements

If a property has an existing lien, it must be paid off before closing or as part of the financing at closing. In either case, the lender must receive first-lien position.

Documentation Overview

Depending on the property and individual loan file, supporting documents may be requested. No individual document is required for every request. Possible documents include:

• Title information
• Lien details
• Planos
• Tax records
• Proof of income

GAP Equity Loans provides professional handling throughout the closing process, working with the documentation relevant to each specific property and loan file.

For requests over US$1 million, additional property and file documents may be requested. GAP considers the available information for the individual property and file. That review identifies what may be needed before closing, while the request is handled professionally from the initial discussion through the final closing steps. Clear records help keep the review organized, but the documents needed always depend on the individual property and financing file. The process remains centered on qualifying Costa Rica real estate and first-lien position. GAP discusses the individual request using the available property information before the file is prepared for closing with the appropriate documentation for that individual property file.

Frequently Asked Questions

What is the minimum amount for a property-backed financing request?

Requests start at US$50,000 and up. Each request is considered according to the individual property and loan file.

How long does it take to close on a qualified file?

Qualified files can close in about 10 days. GAP Equity Loans provides professional handling throughout the closing process.

Is a credit score required for a property-backed financing request?

No credit score is requested. The request is considered according to the individual property and loan file.

What documentation might be requested during the process?

Depending on the property and individual loan file, supporting documents may be requested. Possible documents include title information, lien details, planos, tax records, and proof of income. No individual document is required for every request.

What happens if the property has an existing lien?

If a property has an existing lien, it must be paid off before closing or paid off at closing. The lender must receive first-lien position in all cases.

Ready to discuss a property-backed financing request in Costa Rica? Contact GAP Equity Loans at +506 4001 6413, USA/Canada 855-562-6427, or info@gap.cr.

Article by Glenn Tellier (Founder of CRIE and Grupo Gap)