While most Panama banks are still lending to foreign buyers, many of the large local banks and all of the multinational banks like Scotia, BBVA, and HSBC have age limits, life insurance policy requirements, credit requirements, and income requirements. Anyone that’s applied for a loan in Panama knows that it can be a long, arduous process that may or may not result in success.
The good news is, we’ve partnered up with a licensed private lender who will offer loans to our clients with:
1. No income requirement
2. No credit requirement
3. No Life insurance
4. No age requirement (or limitation)
This private lender will lend 50%-60% of the value of the property. The company is based in Panama and has been approved with all of the necessary lending licenses and the best news is that the process is much easier than working with a traditional bank, and this lender guarantees that it will close and fund your loan in 5 business days!!
Gerardo Glenn Glenn
on said
Looking to borrow roughly 30,000 the 40000 on my home outside of La chorerra. I have found one lender who will loans based on the homes Equity value alone oh, but he wants to charge 2% a month on 30,000 dollars. I’m wondering if your company can do any better than that. Let me know your thoughts, sincerely Gerardo Griff Glenn
Kent Davis
on said
Hi Gerardo, I would suggest reaching out to the bank in this case as our private lender is mostly focused on downtown Panama City, Panama loans
damien
on said
Kent, I have a client that has a commercial property close to downtown Panama City that needs a loan. Can you refer me to your lender?
Kent Davis
on said
Hi Damien, sure. Just set you a private message, thanks for your inquiry!
Ryan Olson
on said
I am looking for lending options for approximately $175,000 towards a $225,000 purchase price for a commercial property near Playa Reina (Moriato). Are your lenders still solely focused on downtown Panama City?
Kent Davis
on said
Hi Ryan, thanks for your message. Yes, most of our lenders are focused on the City area. I’ve sent you a private message, thanks!
Jason Edwards
on said
I have 11 victory of land in Cativa, Colon, northern Panama to be exact I have been told by my attorney in Panama City, Panama that it is worth $800,000 appraised value and over 1 million market value. I would like to borrow against this land to help pay my attorney fee for an inheritance requiring a 30% bond in the courts, legal fees, etc to reclaim assets misappropriated in Panama. How do I go about getting a loan in this situation?
Kent Davis
on said
Hello Jason, you’ll want to approach a bank or private lender.
glenn
on said
what are the rates?
Kent Davis
on said
Hi Glenn, thanks for dropping by! Institutional mortgage rates in Panama are hovering around 5.5% – 6.5% right now for a 20 year variable mortgage with 10% – 20% down for locals and double that down payment for foreigners. There’s also something called a FECI which is basically an add on of 1% for investors. For private financing…it really depends on the asset being financed, the borrower profile, and the motivation of the lender. We’ve got property sellers and developers in Panama willing to beat bank rates at shorter terms, and we’ve got private lenders who will charge as much as 12-15% (exorbitant in my opinion) for certain situations.
Happy to answer your question directly if you’d like to fill out a contact-us form.