Mortgage Loans available to Buy Rocky Point Real estate

[joanC]

We've joined small group of private American and Canadian private lenders ready to lend in USD to assist foreigners in buying real estate, or as an "equity-take-out from property already owned.

The lenders have a total of at least 40 years experience owning, buying and selling property in Puerto Penasco, including homes, condos, townhomes, lots in town and oceanfront properties.

In many cases it will not be necessary to pledge an American or Canadian property as collateral.

There are no application fees, and anything a borrower pays will come from the loan funds. PM me with any questions, or email [email protected]

 

[CheddarBob]

Interesting

 

[Old55]

Interesting

Are you writing that in a “I smell a rat” interesting or a “sign me up” interesting ?

 

[CheddarBob]

Are you writing that in a “I smell a rat” interesting or a “sign me up” interesting ?

70/30 for the rat.

 

[joanC]

LOL...If you've read Mexico New Daily in the last week you would have seen an article about a new business situate in CDMX starting to loan exactly as we will. What's new is no longer will there be a requirement that the mortgagor have a Mexican income...a foreign income will suffice. The CDMX company is not planning to lend in Sonora.

Everything will be documented by a Notario in Mexico, including a disclosure statement stating the exact cost of borrowing, the same as required in US and Canada. We recommend the mortgagors have their US attorney review everything before signing anything.

 

[Old55]

LOL...If you've read Mexico New Daily in the last week you would have seen an article about a new business situate in CDMX starting to loan exactly as we will. What's new is no longer will there be a requirement that the mortgagor have a Mexican income...a foreign income will suffice. The CDMX company is not planning to lend in Sonora.

Everything will be documented by a Notario in Mexico, including a disclosure statement stating the exact cost of borrowing, the same as required in US and Canada. We recommend the mortgagors have their US attorney review everything before signing anything.

Thanks, so roughly what are the interest rates?

 

[CheddarBob]

Thanks, so roughly what are the interest rates?

Yes let’s address the elephant in the room.

 

[corndog]

I understand that lot's foreigner's don't need bank trust's. But how would a loan be put together with a bank trust , if the deed is in the name of the bank? Not being smart, just asking..

 

[Old55]

I understand that lot's foreigner's don't need bank trust's. But how would a loan be put together with a bank trust , if the deed is in the name of the bank? Not being smart, just asking..

I’d want to know:

1. Fully amortized term up to 25 years?
2. Fixed interest rate?
3. balloon payments?
4. hidden fees ?
5. No fx risk ($USD originated and serviced)?
6. Mortgage interest reported in the US (potential tax deductibility)?

 

[joanC]

We are not cookie cutter lenders, reading a rule book. Every deal will be looked at individually. Every mtgor has different needs.

A few in our group have had successful large, and small, loans on Penasco properties since 1998. We have never had a foreclosure.

1. No one has every asked for a 25 year term mtg. In the last 5 years all our loans have been 3 year term, with amortizations from 0 ( meaning interest only payments) to 40 year amortizations. It's the mtgor's choice. Every mtg is renewable at the end of 3 years, and we have never declined a renewal. But, on every renewal the terms are negotiable. Keep in mind: we are in this business to keep loans that make sense....we make our money from monthly payments...not fees.

2. All interest rates are fixed.

3. We have the right to call for a balloon payment after 3 years, but since 1998 we've not had anyone who did not qualify for a renewal.

4. There are no hidden fees, and never application fees. A potential borrower will know every cost up front, and they will be paid only when the loan funds.

5. All loans will be made in USD, and paid in USD.

6. We cannot issue 1099's or T5's.

You forgot to ask about LTV ( loan to value) and interest rates. Again, we don't have a rule book. There could be a difference between a vacant in-town lot compared to a condo in Las Palomas!

 

[joanC]

I understand that lot's foreigner's don't need bank trust's. But how would a loan be put together with a bank trust , if the deed is in the name of the bank? Not being smart, just asking..

Sorry...I missed your question.

The bank is a bare trustee, meaning they must abide by your lawful instructions and requests. If you ask them to sign documents as required, your loan can proceed. Often the Bank will charge a fee.