Private credits

Crespo Agency acts solely as an intermediary and does not handle any funds.

It is impossible for a foreigner settling in Costa Rica to obtain a bank loan in Costa Rica for a multitude of reasons, including administrative, bureaucratic and migratory status reasons (for example, a person without residency/naturalization status cannot obtain a bank loan from a bank), all the more so if the loan is for a short term (12-36 months).

These are just some of the reasons why we regularly receive requests.
These are made by clients of law firms or notaries public, or via professionals specializing in this sector.

Financing solutions are then offered to borrowers by private investors, intermediaries and investment funds.

The projects received are forwarded to different networks of investors (individuals or corporate bodies).
The projects have been selected in advance according to rigorous criteria, but are left to the investors to assess according to their own criteria.

The main elements of file selection are based on the following elements:

a. The value of the warranty.

This cannot be less than three times the amount requested, whether for a plot of land, a finca, a villa, a hotel, a family property, etc….
In the event of non-payment, the resale of the property as collateral would cover the amount of the investment.
It is possible to have the property audited by an expert to determine the value of the warranty.

b. Location.

The choice of rental is essential to ensure quick and efficient resale in the event of non-repayment, should the situation arise.
We prefer and recommend tourist areas, areas undergoing development and urbanization (e.g. Guanacaste, Central Valley, San Jose and surrounding areas).

c. Motivation for requesting private credit.

The needs are many and varied, and can include property extensions, building work, loan repayments, bridging loans, purchases, cash flow, etc….
To do this, lawyers and notaries always ask for a complete file including photos, precise location and legal documents.

d. Borrower profile.

A check is always carried out on the borrower.
Professional activity, repayment capacity, family situation, past history, etc….

e. The legal and cost framework.

The legal form generally (if not systematically) used is an escrow account via a trust (fideicomiso).
Preferred solution to first-degree mortgage.
This secures and shortens the implementation period of the guarantee, should it be applied, and gives investors peace of mind in the event of borrower default.
The law firms and notaries in charge of the file each time carry out an audit of the collateral to ensure that everything is in order and up to date (taxes, any debts, arrears, permits, etc.). The entire process is handled by law firms or notaries, who draw up the contract and agreement, and set up the operation.
The credit is officially registered with the Registro Nacional.
The consultation is open to the public.

A trust or fideicomiso is a contract under which one or more persons transfer property, money or rights, present or future, to another person (trustee), who may be a natural or legal person, to manage or invest the property for his or her own benefit or for the benefit of a third party, called the beneficiary, and to transfer ownership, subject to the fulfillment of a condition, to the trustee, who may be the settlor, the beneficiary or another person.
At the time the trust is created, neither the borrower nor the investor(s) owns the property that is the subject of the guarantee.

The borrower is responsible for 100% of all expenses incurred in connection with the loan.
Investors pay absolutely nothing.

f. Refunds.

Generally, interest payments are made monthly, quarterly or half-yearly, and the capital is repaid at the term determined in advance.


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