All Forum Posts by: Kathryn Morea

You won't find a traditional lender for that. We had DSCR in 2022, for a short time. You need to find a private lender to finance you.

Tanner, I'd like to know more about your lending products for Puerto Rico. I've lived in PR for over 3 years and funding is difficult for investors.  If you can lend here, there's a lot of demand!

Hello Ezequiel, You can't find them because they don't exist here, at least not in an institutional way. There are individual investors who might lend privately, but not banks or hand money lenders per se. If you come to our meetings, you can meet others investing in Puerto Rico. For BRRRR, you'd have to get really creative. I'm not sure it would work in the way you're thinking in the mainland because lending/liquidity is difficult here in this current market.

Well I'm not a lender or loan broker but I try to keep my ears open about loan products in Puerto Rico. I haven't heard anything about DSCR since 2022. Sorry.

Yes, I've heard that with first bank, but to be fair, I've heard many people complain about all 3 of them.   You might check with smaller outfits too like Co/Lab lending, Preferred Mortgage, Aceland Mortgage, and co-ops/credit unions.

It's pretty difficult to get an investment mortgage at the moment. DSCR was available for a hot minute in 2022. If you are looking for a mortgage for a home or small multifamily and you have a W-2, you will find options. The 3 main banks here are BPPR, Oriental & First Bank. There are also some brokers and credit unions.

Derek,

I live in Isla Verde and have short term rentals nearby.  I also host a real estate meetup REIARico for Puerto Rico.  

If this is a condo, please confirm they allow STR, most of them do not allow it. If you wish to talk further, reach out to me privately.

 Hi Dan, if you can join us for a meeting, it's on eventbrite, can't link here or it gets deleted (we are meeting Thursday) or the 2nd Sat each month, it's a great way to get to know other investors and get a feel for the market.

Hi Daniel - Sure, the best thing to do is probably to come to our next meeting on Thursday.  You can find it on eventbrite.  I can't post it here or the moderators will delete.  Also you can message me directly.

I've invested in a number of properties in Puerto Rico, mostly but on exclusively in San Juan.  Sometimes the contracts and especially the deeds are in Spanish.  Cap rates tend to be higher and using banks to finance is more difficult, so if you can raise private capital and pay cash, there's lots of money to be made.