Investing and financing in Panama

[Hermod Thorsteinson]

Hi Guys

This is my first question on BP. I am in the start up process of real estate business in Panama. My main focus is Coronado which is the beach area where the rich people in Panama like to have their second home. 

I have Panama residency and this is a must if you want the banks to even look at your paper and ideas. But still it is difficult to find finance here. I only know the conventional way using banks. 

I have already bought 2 properties and 2 lots in cash deals while waiting for the banks. But to be able to build anything on the properties I need 500000USD. 

I am in the final stages of getting the mortgage approved in on Bank and another bank offer me a mortgage but at 8,5% plus annual fees landing the mortgage at over 10%pa.

Does anyone have alternative ideas on how I can get finance for my projects and get my business going?

Best regards

Hermod