Chilean banks that do HELOCs?

In Chile, when the old, crazy, and infirm are institutionalized and set out in a wheelchair on the patio to drool all over each other they are referred to as “locos de patio”. This is where we keep our locos de patio on the All Chile Forum.

Registration required to read, 200 posts and 1 year to post in this forum. A work in progress.
Forum rules
Only members with 200 posts and 1 year on the forum are allowed to post. Must register to read. Work in progress.
Post Reply
User avatar
Rank: Chile Forum Citizen
Posts: 1210
Joined: Wed Jun 20, 2007 9:48 am
Location: Concón, Region V

Chilean banks that do HELOCs?

Post by otravers » Mon Sep 03, 2012 7:53 pm

We've sat out of buying property in Santiago so far (I'm saying this in reference to past forum posts) but we have kept investigating neighborhoods and still plan to do so. I think it should be easier for us to secure a line of credit on our own home, which is easily worth 200M+ CLP in its present unfinished remodeling state and is fully owned free and clear. I assume we'd get a lower interest rate as well vs. getting financing on an investment property (i.e. not owner occupied), especially with little to no cash down (i.e. our money is in our house).

We haven't really investigated this with Chilean banks yet, so does anyone have experience with local HELOC-type financing, and which banks might be more open to it? We already have a couple local branches we can talk to (we have a cuenta corriente in one, and a couple acquaintances working in other banks) but since we're talking about buying property in RM, I thought I'd ask here as well.

We don't plan going crazy with huge leverage or unrealistic plans for crazy flips, we just want to put our money to work and have a least one small property paid for by the time our kids hit college age, since decent Unis are in Santiago more than Vina. Ideally the "paid for" part will be done by renters. We're still working on the overall soundness of our plans, and I saw some interesting discussions on boards such as from homeowners who want to put the money in their house to work, but of course this being Chile, idiosyncrasies matter.

Post Reply