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#417631 - 10/02/11 08:01 PM Securing financing in Belize, as a non resident
Decompression Offline
Does anyone have experience with securing small construction loans in Belize, as a non-permanent resident?

Looking to do some remodeling on my place, and I am just trying to explore my options.

Does anyone have experience in this, or even securing some financing back in the states for remodels abroad?

Thanks!

DC

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#417633 - 10/02/11 09:47 PM Re: Securing financing in Belize, as a non resident [Re: Decompression]
Dwight K Schrute Offline
You are what is known as between a rock and a hard place.

US banks won't loan you money because thier collateral (your house ) is in another country and they have no recourse if you default.

Belize banks won't loan you money because your income isn't based here so they usually won't risk it either.Sometimes they will but it depends on the value of the property and how much equity you have in the place, but usually it's a tough nut to crack. (banks don't like to lose)

The only option I belive that you will have is an unsecured revolving credit loan. ( i.e Visa or Mastercard with a high limit and high interest rate.) or a personal loan from friends, family, or a private lender.

_________________________
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#417634 - 10/02/11 10:05 PM Re: Securing financing in Belize, as a non resident [Re: Dwight K Schrute]
Decompression Offline
Originally Posted By: Dwight K Schrute
You are what is known as between a rock and a hard place.

US banks won't loan you money because thier collateral (your house ) is in another country and they have no recourse if you default.

Belize banks won't loan you money because your income isn't based here so they usually won't risk it either.Sometimes they will but it depends on the value of the property and how much equity you have in the place, but usually it's a tough nut to crack. (banks don't like to lose)

The only option I belive that you will have is an unsecured revolving credit loan. ( i.e Visa or Mastercard with a high limit and high interest rate.) or a personal loan from friends, family, or a private lender.



My equity is 100% of my Belize home, and I would only need less then 10% of its value for the remodel.

3 years ago, we used our credit card for our first remodel, just didn't know if there had been any new financing changes of late.

Thanks,

DC

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#417639 - 10/02/11 10:38 PM Re: Securing financing in Belize, as a non resident [Re: Decompression]
SP Daily Offline
Check with the offshore banks like Caye Bank. They can and will do business with non-Belizeans

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#417642 - 10/03/11 01:26 AM Re: Securing financing in Belize, as a non resident [Re: Decompression]
ron Offline
Take a line of credit on your US house, if you own one. Then you can use it on the Belizean house.

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#417643 - 10/03/11 01:53 AM Re: Securing financing in Belize, as a non resident [Re: Decompression]
Pam&Dave Offline
Ron has the right idea. Interest rates are low and it is usually a 10 year term (Home Equity Line of Credit). You only pull out the amount you need, when you need it. We used this option and it has worked out well. Good luck with the remodel!
_________________________
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#417644 - 10/03/11 03:09 AM Re: Securing financing in Belize, as a non resident [Re: ron]
Decompression Offline
Originally Posted By: ron
Take a line of credit on your US house, if you own one. Then you can use it on the Belizean house.


I have used a credit line on my home in the past, for remodeling in the states. Looks like it will be my best bet.

Especially since after reading through the Caye Bank web site, I am seeing 11% to 15% interest rates for residential loan rates. Brutal.

But I think I will call them anyways, just to get some more information..never know for the future.

Thanks for all your suggestions and opinions.

DC

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#417664 - 10/03/11 03:03 PM Re: Securing financing in Belize, as a non resident [Re: Decompression]
Katie Valk Offline
The commercial banks are very liquid right now and offering loans around 11%, give or take.
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#417813 - 10/05/11 02:15 PM Re: Securing financing in Belize, as a non resident [Re: Decompression]
catdance62 Offline
Yeah, the interest rates in Belize are like they were in the States back in the late 70s and early 80s

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#417852 - 10/05/11 04:46 PM Re: Securing financing in Belize, as a non resident [Re: catdance62]
Decompression Offline
Originally Posted By: catdance62
Yeah, the interest rates in Belize are like they were in the States back in the late 70s and early 80s


Very true Cat, but I also remember 2 year 16% CD accounts.

Those were the days....

DC

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