Mexico/buying property

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Expert: Dale Gress - 1/10/2006


Question
Hi Dale,

I hope you can help me... I am getting desperate! We would like to buy a little hotel, we know we need a trust as it is in the restricted zone, but is there some way to get a loan or mortgage in Mexico? We need about 100K USD...

Tanks, Miriam

Answer
Miriam:

I do not know where you could get a loan in Mexico.  Everything here is in cash.  The seller might carry a contract with a substantial downpayment.

When we purchased our condo in vallarta we took out a line of credit loan from our bank.

I do see some advertisements that loans are available for Americans to purchase homes.  I have never seen such an ad for commercial property.

Don diego

Mexico

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Dale Gress

Expertise

I am familiar with Puerto Vallarta-activities-art-locations of cyber cafes -churches- tile & glass factories. I have travelled by bus to Guadalara on several occassions and enjoy the market at Tonalah. I have also visited Lake Chapala (it snowed when I was there in Dec. 1997-left for the beach and the sun). This year I will travel to Morelia. I have also been to Puerto Escondido and Mexico City. I am familiar with purchasing property in the restricted zone and the use of bank trusts and Notarios. I love Mexico and it`s people. We recently sold our condo in Vallarta and we are in the process of purchasing one in Manzanillo, Colima. We have visited Mata Ortiz, Zacatecas, Guanajuato Morelia

Experience

I have been to Puerto Vallarta over 20 times and recently purchased a condo near the port. In January 2000, I drove my 1984 Volkswagen Van from Yakima Wa. to PVR. I have been studying Spanish for 3 years and I am getting better all the time. We have sold the condo in Vallarta and are moving to Manzanillo, Colima.

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