All Forum Posts by: Lawrence Johnson

The market has changed drastically over the past few weeks, but we are still writing loans. Guidelines are changing daily so don't be surprised if what you were told could get done yesterday may be different today. 

We are praying things will stabilize soon.

Hi @NicolasBotia, let me know if you still need assistance.  I focus mainly on homestyle renovation loans and this could be of benefit to you.

@AdamTafel, I'm a lender here in Puerto Rico and we have funded many loans in Vieques over the last few years. It is in itself a true paradise. Many of my clients have had great success with short term rentals. Yes there is an abundance of Airbnbs, but I have seen when one can offer some additional add-ons ( ie. include a car with the rental, set up tours for guests, etc) it goes a long way in separating themselves from some of the competition.  Also an added benefit too is that many of the properties there have large mother-in -law suites that allow us to qualify them as second homes for better financing terms and more potential for bookings.    I have relationships with many of the re there  and can connect you with some if you'd like so you can get their prospective as well.

I cover the main island too and find that each region has its pros/cons depending on what one is looking for but I do feel that even with the current state the world is in, its a great time to consider investing here in some capacity. I currently have one Airbnb in the town of Isabela (near one of the popular beaches) and  have had great success  even though my listing is in an area also saturated with other listings and I hope to grow my portfolio in the months to come. 

Purchase and Renovate all in one loan! For the house that is almost perfect, we have the perfect solution: A  HOMESTYLE RENOVATION LOAN.

Here are a few ideas on what can be done: 

- Kitchen or Bath remodel 

- Paint a house or add siding 

- Replace a leaky roof

- Luxury items ok

Contact me for more details 

Lawrence Johnson 

Fembi Mortgage 

Phone:786-581-2517

Email: [email protected]

@JustinCeballos It's been a very successful short term rental, the near proximity to Jobos and other amenities makes it a desirable spot,  we use it often ourselves too. 

I actually live not far from you, also in Camuy  near to where the 119 connects with the 455 so im an extended neighbor...small world!!  

@Justin Ceballos, I  live in  that area and would love to connect!  I've been here in PR permanently  now close to 6 years and purchased my first  property near Jobos beach  2 years ago. 

@Pat Marco

Some banks are starting to loosen up a bit...especially on condos.

It's a great time to revisit financing if anyone incurred issues in the past.

Hi @Steve Vawter was your friend able to close on the condo? If not , what stage of the process is he at? Condo financing for sure can be a  challenge here. 

It really depends on the condition of the property one is pursuing. The main difference though is that there is not a wide variety of loan products available for investors compared to mainland USA but if one is comfortable putting 20-25% down has strong credit  verifiable income and is ok financing 1-4 unit properties most lenders here can accommodate.

@Silvia Funez, i'm a local mortgage lender here in PR. To answer your question, if you are looking to mortgage a property here the first step is to get pre-approved. Not trying to advertise or promote, but there are a few of us that can cover most of what needs to be done electronically to get the process started. There are indeed some differences with the overall process as most real estate laws are more closely related to how things are done in Spain vs the US but most banks deal with the same players ( Fannie Mae, HUD, VA etc) that you find in the states with a few twists.. It is wise to have a solid RE attorney review any sales agreement you are looking to get into but in most cases if you are financing the attorney at any bank will make sure that everything is in order prior to granting an approval for a closing.

Here are a few Sites for properties:

www.point2homes.com

www.hudhomestore.com

These are just a few. The MLS is here and is gradually improving..i think we will see a big push for it to be utilized more this year..especially as more REOs become available..

I hope this can give you a good start.