Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Mortgage Brokers & Lenders
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 1 year ago on .

User Stats

88
Posts
43
Votes
Cory St. Esprit
  • Investor
  • Pittsburgh, PA
43
Votes |
88
Posts

Private Money Lender: Panama (Country)

Cory St. Esprit
  • Investor
  • Pittsburgh, PA
Posted

Hello - my family and I serve in the country of Panama, where we own a home. We serve alongside a group of missionaries (we are business owners in the states with real estate and restaurants, but split our time between the US and Panama). Our close friends here have a home worth approximately $350,000 (in Panama, they adopted US currency as their currency, so all values are USD/Panamanian). The original seller held a note for 5 years at 5% interest. That 5 years is coming up soon and Panamanian banks are struggling to provide a mortgage on the property due to the state of the economy (less inflation than the US, but also it's just not the US, so it's different). The banks have provided a number of reasons (they won't lend to missionaries, they don't like that asphalt doesn't come up to the house, etc...different reason for each bank). 

So, I'm helping them hunt for a private money lender or some other source they may be able to utilize. They owe $286,000 on it. Their financials are fine and they've never had any trouble carrying the mortgage but, as missionaries, they do fundraise their salary so I think that's where the bank is getting stuck. 


Are there options? International lenders? Private money? Hard money? Help us here! I'm trying really hard to help a really good friend out.