Previous Thread
Next Thread
Print Thread
Page 1 of 2 1 2
Securing financing in Belize, as a non resident #417631
10/02/11 02:01 PM
10/02/11 02:01 PM
Joined: Sep 2010
Posts: 350
3.6 miles North of San Pedro, ...
D
Decompression Offline OP
.
Decompression  Offline OP
D
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

Re: Securing financing in Belize, as a non resident [Re: Decompression] #417633
10/02/11 03:47 PM
10/02/11 03:47 PM
Joined: Sep 2011
Posts: 33
Scranton PA
Dwight K Schrute Offline
.
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.



FACT: I Rule
Re: Securing financing in Belize, as a non resident [Re: Dwight K Schrute] #417634
10/02/11 04:05 PM
10/02/11 04:05 PM
Joined: Sep 2010
Posts: 350
3.6 miles North of San Pedro, ...
D
Decompression Offline OP
.
Decompression  Offline OP
D
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

Re: Securing financing in Belize, as a non resident [Re: Decompression] #417639
10/02/11 04:38 PM
10/02/11 04:38 PM
Joined: Apr 2000
Posts: 8,868
S
SP Daily Offline
.
SP Daily  Offline
S
Check with the offshore banks like Caye Bank. They can and will do business with non-Belizeans

Re: Securing financing in Belize, as a non resident [Re: Decompression] #417642
10/02/11 07:26 PM
10/02/11 07:26 PM
Joined: Oct 2006
Posts: 600
new haven, ct,usa
R
ron Offline
.
ron  Offline
R
Take a line of credit on your US house, if you own one. Then you can use it on the Belizean house.

Re: Securing financing in Belize, as a non resident [Re: Decompression] #417643
10/02/11 07:53 PM
10/02/11 07:53 PM
Joined: Oct 2005
Posts: 387
Aptos, CA
Pam&Dave Offline
.
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!


"Nothing can bring you peace but yourself"
Re: Securing financing in Belize, as a non resident [Re: ron] #417644
10/02/11 09:09 PM
10/02/11 09:09 PM
Joined: Sep 2010
Posts: 350
3.6 miles North of San Pedro, ...
D
Decompression Offline OP
.
Decompression  Offline OP
D
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

Re: Securing financing in Belize, as a non resident [Re: Decompression] #417664
10/03/11 09:03 AM
10/03/11 09:03 AM
Joined: Oct 2003
Posts: 2,460
Belize City
K
Katie Valk Offline

.
Katie Valk  Offline
K
The commercial banks are very liquid right now and offering loans around 11%, give or take.


Belize based travel specialist
www.belize-trips.com
[email protected]
Re: Securing financing in Belize, as a non resident [Re: Decompression] #417813
10/05/11 08:15 AM
10/05/11 08:15 AM
Joined: Oct 2003
Posts: 492
TExarkana, USA
C
catdance62 Offline
.
catdance62  Offline
C
Yeah, the interest rates in Belize are like they were in the States back in the late 70s and early 80s

Re: Securing financing in Belize, as a non resident [Re: catdance62] #417852
10/05/11 10:46 AM
10/05/11 10:46 AM
Joined: Sep 2010
Posts: 350
3.6 miles North of San Pedro, ...
D
Decompression Offline OP
.
Decompression  Offline OP
D
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

Page 1 of 2 1 2

Links
Portofino Resort- Now with a new BEACH BAR!!
Click for excellent scuba lessons with Elbert Greer!
Chaa Creek is an award-winning luxury Belize Resort, rated as one of the worlds best Eco Lodges. We are a pioneer in adventure travel to Belize since 1981!
First Class Accommodations for the Budget Traveler

Things to do

News
Daily News
Daily Weather

Classified Ads
BelizeNews.com
San Pedro Sun
Ambergris Today
SP Town Council
Channel 7
Channel 5
Amandala
ReefTV
Love FM
The Reporter
PLUS TV
TV Newscasts
Radio Stations

Click for our
Search thousands of Belizean-only websites

Event Guides
Event Calendar
Specials & Events
Things to Do
SanPedroScoop
iTravel Belize
Paradise Theater
San Pedro Fun Finder
Paradise Guy Event Calendar
Cayo Event Calendar

Blogs
San Pedro Scoop!
Tia Chocolate
Tacogirl
My Beautiful Belize
I-Travel Belize
Belize Adventure
Belize Hub
Romantic Travel
Belize Happy Adventures
Conch Creative
As The Coconuts Drop
More Blogs...
Search thousands of Belizean-only websites
White Sands Dive Shop - 5 Star PADI Dive Facility - Daily diving, SCUBA instruction and Snorkeling
Caribbean Inspired All Natural Condiments & Spice Blends, Over 100 are Gluten Free!
We manage a variety of homes, apartments, condos and commercial properties here on Ambergris Caye. Our minimum lease on ALL properties is six months.
Click for Ian Anderson's Caves Branch, Welcome to a World of Adventure
Lil Alphonse has snorkel equipment to fit anyone as well as Marine Park Tickets and flotation devices to assist those not as experienced.
Coastal Xpress offers a daily scheduled ferry run to most resorts, restaurants and private piers on the island of Anbergris Caye. We also offer  private and charter water taxi service.
December
S M T W T F S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31
Cayo Espanto
Click for Cayo Espanto, and have your own private island
More Links
Click for exciting and adventurous tours of Belize with Katie Valk!
ShoutChat Box
Who's Online Now
0 registered members (), 377 guests, and 0 spiders.
Key: Admin, Global Mod, Mod
Forum Statistics
Forums44
Topics70,155
Posts477,955
Members19,548
Most Online2,982
Jan 29th, 2019



AmbergrisCaye.com CayeCaulker.org HELP! Visitor Center Goods & Services San Pedro Town
BelizeSearch.com Message Board Lodging Diving Fishing Things to Do History
BelizeNews.com Maps Phonebook Belize Business Directory
BelizeCards.com Picture of the Day

The opinions and views expressed on this board are the subjective opinions of Ambergris Caye Message Board members
and not of the Ambergris Caye Message Board its affiliates, or its employees.

Powered by UBB.threads™ PHP Forum Software 7.7.1