Best financing options for STR in Puerto Rico

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Best financing options for STR in Puerto Rico

Chris Dumesnil
Member since 2024 · 1 post · 1 vote

Hi everyone, I’m looking at purchasing an investment property (short term rental) on the West Coast of Puerto Rico. I know things work a little different down there than they do in the states, so I was wondering what the best type of loans or financing there might be rather than a conventional loan? Thanks in advance!

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AJ WongBusiness Member
Real Estate Broker · Oregon & California Coast · Member since 2022 · 822 posts · 696 votes
2y
Quote from @Chris Dumesnil:

Hi everyone, I’m looking at purchasing an investment property (short term rental) on the West Coast of Puerto Rico. I know things work a little different down there than they do in the states, so I was wondering what the best type of loans or financing there might be rather than a conventional loan? Thanks in advance!

 Hi Chris, actually I just got prequalified with my longtime friend and partner @Joseph Chiofalo. We work for a lender that basically treats loans like the states and I've been wanting to invest there for years! Essentially the only difference is the title process can be lengthy. I'll be posting about it here shortly. We're looking for a place near Rincon if you find anything worthwhile! 

541-800-0455
Sesemi | STR Brokers powered by Fathom Realty 516 Reviews
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  • Account Closed
    Member since 2023 · 43 posts · 28 votes
    2y
    Quote from @Chris Dumesnil:

    Hi everyone, I’m looking at purchasing an investment property (short term rental) on the West Coast of Puerto Rico. I know things work a little different down there than they do in the states, so I was wondering what the best type of loans or financing there might be rather than a conventional loan? Thanks in advance!


    One option for financing an investment property in Puerto Rico is through the Puerto Rico Housing Finance Authority, which offers loans specifically for short-term rental properties. Additionally, local banks and credit unions may offer specialized financing options for real estate investments on the island. It is recommended to research and compare different loan options to find the best fit for your investment property.
    0Reply
  • Aaron T.Pro Member
    Developer · Aguada, PR · Member since 2014 · 927 posts · 279 votes
    2y

    You will only find a conventional loan, unless its someone private, but that's not likely due to the heir laws. loans have gotten quicker and you can close in 90-180 days. 

    STRs are not looked at favorably on the island and they receive not tax breaks. Its earned income. 

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  • AJ WongBusiness Member
    Real Estate Broker · Oregon & California Coast · Member since 2022 · 822 posts · 696 votes
    2y
    Quote from @Chris Dumesnil:

    Hi everyone, I’m looking at purchasing an investment property (short term rental) on the West Coast of Puerto Rico. I know things work a little different down there than they do in the states, so I was wondering what the best type of loans or financing there might be rather than a conventional loan? Thanks in advance!

     Hi Chris, actually I just got prequalified with my longtime friend and partner @Joseph Chiofalo. We work for a lender that basically treats loans like the states and I've been wanting to invest there for years! Essentially the only difference is the title process can be lengthy. I'll be posting about it here shortly. We're looking for a place near Rincon if you find anything worthwhile! 

    541-800-0455
    Sesemi | STR Brokers powered by Fathom Realty 516 Reviews
    WebsiteView Page
    1Reply
  • Joseph Chiofalo
    Banker · Henderson, NV · Member since 2023 · 316 posts · 74 votes
    2y

    Hi Chris,  hope all is well- 

    Our company Nationwide Mortgage Bankers currently lends in Puerto Rico.  We have alternative products available outside of traditional conventional or government financing.  Like AJ mentioned, the only difference is the title process can take longer because everything is done manually there. 
    Feel free to reach out when you have a moment with any questions.  

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