Hello BP! Has anyone recently gotten a mortgage for a property in Mexico? I would love to hear about the details!
I am currently looking at properties in the Yucatan (Playa del Carmen, Tulum) and have come across Cross Border Investments (run by Josh Rappaport) who acts like a mortgage broker for Mexican banks. Has anyone dealt with him or his company or have any other suggestions on how to obtain financing (during purchase or after as a cash-out refi)?
@Anthony Burdi I have bought a condo in Playa del Carmen using some cheaper developer financing for half the price. I'm looking at buying other properties in either Playa or Tulum. I have been in contact with Josh but the problem is that mortgages in Mexico are extremely expensive!
@Michel Lambert That is great info! I have been struggling to find a positive cashflow property partly because of the high cost of the mortgages. When you mean developer financing, is this financing for pre-construction properties (i.e. you put down a payment to hold the property during construction, then upon delivery you sign a mortgage and begin paying on the debt)?
Would you be willing to discuss which developer you purchased from?
@Anthony Burdi Thanks! I know financing is the main issue about buying real estate in Mexico. You are correct I get a large discount on the purchase price and the developer financing as part of a special package I have with a few developers and which are not available for the general public (and which I am supposed to keep private). I'm trying to find ways to partner with other investors so that they can benefit from my special arrangement. Otherwise I'm constantly on the lookout for other sources of financing.
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