Buying in Puerto Rico

[Steve Vawter]

So, this is not an investment question per se. I am asking for a friend who is trying to buy a condo in puerto Rico to eventually live in and air bnb it until then (so i guess it is an investing question lol!). He is using Banco Poplular because he apparently has to (?). They are having a very difficult time of the process , it seems they dont understand union labor there and how it works. Excellent credit (800 or above) , good income combined almost 200k retirement fund etc. The place is 175 and they have 40k down!.. this is going on months to get the loan. Are there alternatives? I suggested a HML to buy then refi it may be easier!? Perhaps a private loan ? any suggestions or can point to a lender?

thanks again all! ..