GAP Equity Loans: Starting a Business Loan in Costa Rica – What Expats Need to Know

Property owners and expats in Costa Rica exploring financing options may find that traditional banks involve strict requirements and lengthy processes. GAP Equity Loans handles property-backed financing requests involving qualifying Costa Rica real estate, offering an alternative route for those who own real estate in the country.

A request is considered according to the individual property and loan file. This approach allows each financing request to be evaluated on its own merits rather than through a one-size-fits-all framework.

Request Amounts and Terms

Requests start at US$50,000. This minimum threshold establishes the entry point for property-backed financing requests through GAP Equity Loans. Terms are six months to three years.

The structure of these terms provides flexibility for different financing needs. Whether a property owner requires short-term financing or a longer arrangement, the available term range can accommodate various situations involving qualifying Costa Rica real estate.

First-Lien Position and Existing Liens

Financing uses qualifying Costa Rica real estate and the lender receives first-lien position. This priority position is a fundamental requirement for all requests handled through GAP Equity Loans.

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

Documents That May Be Requested

Depending on the property and individual loan file, supporting documents may be requested. The specific documentation needs vary based on the unique characteristics of each request and the real estate involved.

No individual document is required for every request. Possible documents include:

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

Timing, Rates, and Traditional Banks

No credit score is requested. This distinction separates the process from many conventional financing routes. Qualified files can close in about 10 days.

Lender rates are generally similar to Costa Rica bank rates for foreigners and expats. GAP Equity Loans provides professional handling throughout the closing process, ensuring that each step is managed with attention to the details of the individual property and loan file.

Frequently Asked Questions

What is the minimum request amount?

Requests start at US$50,000 for property-backed financing involving qualifying Costa Rica real estate.

How long does it take to close a qualified file?

Qualified files can close in about 10 days. Each request is considered according to the individual property and loan file.

Is a credit score required?

No credit score is requested. GAP Equity Loans handles property-backed financing requests based on the qualifying Costa Rica real estate and the individual loan file.

What term lengths are available?

Terms are six months to three years. The specific term is determined according to the individual property and loan file.

What happens if my 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@gapequityloans.com.

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