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Puerto Rico investing help please!
What is the best way to find a lender in Puerto Rico. We are thinking of buying an investment property in Puerto Rico and I would like to try to get a pre-approval before my trip there in October. Also I am not bilingual. Any advice would be helpful thank you. Also I'm not quite sure how it works as far as agents go I saw something that buyers and sellers both don't have their own agents?
Quote from @Charleen Nicole Russo:
What is the best way to find a lender in Puerto Rico. We are thinking of buying an investment property in Puerto Rico and I would like to try to get a pre-approval before my trip there in October. Also I am not bilingual. Any advice would be helpful thank you. Also I'm not quite sure how it works as far as agents go I saw something that buyers and sellers both don't have their own agents?
I am from the island, looking for investment property but i don’t know the process either.
Hi Charleen, I have relationships with several lenders on the island (and they speak English) but getting a loan for an investment property is very different that on the mainland. I've heard it's possible. Not sure I've seen it actually done. If you have great documentation W-2 type income and you are not looking for the exact same thing that everyone else is looking (eg, a condo in a tourist area that won't allow airbnb's anyway) or a small multifamily in metro San Juan) then you may be in luck. Be aware that it is a hot market in PR (still hot) and sellers shy away from offers that are not all cash. I just want to set your expectations. There are tons and tons of deals in PR for cash buyers and partnerships if that is something you would consider.
Hi Charleen,
I'm a Mortgage Banker with Metro Island Mortgage in San Juan. I recently moved to Puerto Rico from the U S.
If you need a cracker-jack mortgage professional with 16 years in the bag, do give a call. I answer my phone, and respond to all my emails and texts. I'll never give you any BS.
Purchasing in PR can be complicated so I strive in making the process above board. I'm also fluent in Spanish.
Puerto Rico got D ratings from Moody's/S&P and others recently for the state. Lending is tight because. FHA owner occupied is a great opportunity. I am licensed in PR and know agents if you want some names of english speaking agents who negotiate in PR Spanish.
If you want a lender for a property on the island, they must have an established bricks and motor bank on the island. Even PENFED won't help you unless you talk to their on-island branch.
Closings may have shortened, but my last closing took 6 months.
Quote from @Caroline Gerardo:Hi there!
Puerto Rico got D ratings from Moody's/S&P and others recently for the state. Lending is tight because. FHA owner occupied is a great opportunity. I am licensed in PR and know agents if you want some names of english speaking agents who negotiate in PR Spanish.
Any chance you could recommend lenders that provide FHA owner occupied loans in Puerto Rico ? Thanks again
Quote from @Maria Rusinque:
Quote from @Caroline Gerardo:Hi there!
Puerto Rico got D ratings from Moody's/S&P and others recently for the state. Lending is tight because. FHA owner occupied is a great opportunity. I am licensed in PR and know agents if you want some names of english speaking agents who negotiate in PR Spanish.
Any chance you could recommend lenders that provide FHA owner occupied loans in Puerto Rico ? Thanks again
check with the local COOPS, banco popular, 1st bank, etc... you should be able to google banks in the local area. the hard part is getting them to answer the phone. if you have to show up to talk to someone, be prepared to wait in line or spend a day there.