Real Estate Financing In Belize
Are you considering investing in a property in Belize? The thought of buying a house or land in Belize is certainly enticing. Belize is after all one of the most beautiful countries in the world, known for its picturesque beaches, amazing Mayan ruins, and a diverse culture.
But what’s the best way to finance your property purchase in Belize?
I am Will Mitchell of REMAX Belize Secret Beach. I have helped several people find their dream home or purchase a great investment opportunity in Belize. I’m here to help you out with any questions you may have about real estate financing in Belize.
Step-by-step guide to Real Estate Financing in Belize
Apply for a Residential Loan
The best financial option available to expats who want to buy property in Belize is a residential loan. These loans are offered to individuals or IBCs (International Business Companies).
A Residential Loan can be used to finance a land purchase, purchase of a house or for building your own house. There are three banks in Belize that offer Residential Loans to expats or international investors.
- Atlantic International Bank Limited
- Heritage Bank International
- Scotia Bank
You can apply for a Residential Loan at any of these banks. The best time to apply for a loan is from November to April as that’s when banks are under a lot of pressure to meet their lending targets.
Set Up an Account with an International Bank in Belize
Set up an account at the bank where you’re considering applying for a loan. You can choose any of the internationals banks listed above.
Begin Your Search for the Right Property in Belize
Start searching for the right property in Belize at the same time as when you apply for the loan. Always hire the best real estate agent for help with finding your dream home in Belize.
You’re welcome to contact me, Will, at REMAX Belize Secret Beach anytime for help on this. I will help you find the right property in Belize that matches your budget.
Provide Collateral to the Bank
So far so good? Great.
Next, the bank will want you to post collateral in exchange for the loan. Most banks are willing to lend only up to 60 percent of the cost of the real estate.
This means you will have to post collateral worth 40 percent of the property with them. The collateral can be cash or another property that you already own in Belize.
Well, that’s about it. It’s really easy to get a loan in Belize provided you are willing to provide sufficient collateral. You will be asked to submit legal documents that authenticate your identity and creditworthiness.
The banks take about 4 weeks to evaluate your application. If everything is as it should be, you should get your Residential Loan in good time.
For more great advice on buying your dream home in Belize, do get in touch with WILL MITCHELL of REMAX Belize Secret Beach.