Why Borrowers Choose GAP Equity Loans in Costa Rica

If you own property in Costa Rica and need money, you have more choices than you might think: banks, individual lenders, loan brokers and property-backed lenders like GAP Equity Loans. They do not all work the same way. Some publish almost nothing about how they lend. This guide sets out exactly how GAP works, so you can compare it with any offer you are considering and see why borrowers choose GAP.

We publish our terms

When we looked at how private lenders in Costa Rica present themselves, several did not publish a minimum loan, a timeline, what you pay before closing or how payments work. You find out only after you apply. GAP puts the basics up front:

• Loans from US$50,000. Larger loans are welcome. Above US$1 million, expect some additional paperwork and review.
• Terms from six months to three years. These are short-term loans, built to get you where you need to go.
• Up to 50% of the property’s value. Around 30% or less is preferred, and lower borrowing can support better pricing.
• Interest-only monthly payments, with the principal repaid at the end of the term.
• US dollars.

No credit score needed

Banks set their own requirements, which can make bank loans harder for newcomers and for anyone without a local credit history. GAP does not require a credit score. The loan is based on your titled property and a sensible plan to repay. You still provide documents, and every loan is reviewed, but a thin or foreign credit file does not stop you. See borrowing without foreign credit.

Fast: within 10 business days

Banks can take many months, if not longer, to close. GAP closes loans within 10 business days once the required documents are complete. Missing papers or extra checks can add time, which is why we tell you exactly what we need at the start. Read how fast you can get a private loan.

Nothing to pay before closing

With GAP’s standard loans you pay no valuation, legal review or other charges up front. The loan fees are the borrower’s: legal fees and GAP’s loan origination fee. The amount depends on the loan, and the fees are deducted from the proceeds at closing. If a lender asks you for money before your loan closes, ask exactly what it is for.

Any nationality, no residency required

You do not need Costa Rican residency to borrow through GAP, and borrowers of any nationality are welcome. What matters is the property and your plan to repay.

Buy, refinance, build or free up cash

Some lenders only refinance, or only lend in certain parts of the country. GAP lends against titled property registered in the National Registry across Costa Rica. The money can be used to buy property, pay off an existing loan, renovate, finish construction, fund a business or free up cash for something else. Titled land can qualify too, on stricter terms than a finished property. We do not lend against beach concession property.

Straight answers, and the fine print too

Being clear includes the parts that are less exciting. GAP loans are short term, not 10- or 20-year loans. Early repayment carries a penalty, and the amount and conditions are explained during loan review. Your loan must be in first position, so any existing mortgage is paid off at or before closing. We would rather you know all of this on day one.

Since 2008, from our office in Escazú

GAP has been arranging private property-backed loans in Costa Rica since 2008. You deal with real people in English or Spanish, and you can reach us on WhatsApp.

Frequently asked questions

What is the smallest loan GAP arranges?

US$50,000.

Do I need a credit check?

No credit score is required. The loan is based on your property and your plan to repay.

How much can I borrow?

Up to 50% of the property’s value, with around 30% or less preferred. Try our loan-to-value calculator.

How long do loans last?

From six months to three years.

Get started

WhatsApp us at +506 4001 6413 to get started, call 855-562-6427 from the US or Canada, or email info@gap.cr. You can also send a loan request.

This article is general information, not financial or legal advice. Every loan is subject to review and approval, and terms depend on the property and the transaction.

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