Chile Forum

Is that an offer or a question?

Yes, there is a need for loans; however, no one will touch a mortgage to a foreigner inside Chile who does not have a steady income. Credit and assets outside the country are not considered. Banks do not want to be stuck with a bunch of properties. They prefer to have their money. Generally contracts directly with seller are the means of financing purchases for foreigners in Chile.

In theory it is a very good idea for the Chilean market; however, you would need to be ready to invest the time and money in to putting all the worms back in to the legal can of worms that would be opened in trying it. For example, proper enforcible contracts to make sure you can get the property, if some one fails to pay. There may be other regulatory issues that would need to be carefully looked at. One that comes to mind is that mortgages on a property must recorded in a public record. It is one of the things that we check for clients when conducting a title search on a property to make sure there are no leans.

As for the interest rate I am not sure about that one.