Uhm..I see this question again and again in forums and Facebook groups,…credit for ex-pats is not possible. (initially)
The initial response to this question is that is not possible. Or not possible at the beginning, we do understand that some people that want to retire here, want to be able to finance a property here, but is not a good option for a couple of reasons.
- interest is super high, and that is super super, we are talking anywhere from 8 to 12 percent annually and that is very high. so, it does scare the living petunias out of overseas buyers to do it with credit, (that is not possible to do)
- if you were to get credit for ex-pats, street money is even worse interest rates. I do know of someone that is selling that service here, but I don’t know. I don’t like it. We are ourselves outside bank brokers for Colombians that live overseas, but not for uh..wait a minute. let me ask something and get back to you.
like I mention just before, I heard of people lending money to ex-pats that are living here. money to buy property, but the price of that money I think is very very high, and I am not a pro street money guy. it’s very expensive and it gets you in trouble and that sucks. so I don’t recommend it.
to get around this, what I recommend is that you get a line of credit in the states or Canada, why? the money is way cheaper and in dollars, it helps you here at the end of the day. Just think about it. street money here can go anywhere from 1.5% per month and up, which is very high. If you really want to buy a property here and you are from the estates…well..but if you are Colombian and have Colombian and USA papers ask me..you my friend are in luck