Construction Loans in Puerto Rico

FEMBI mortgage can help you out. Javier Caraval has been a great help he always responds to my emails and phone calls.  Tell him George Murillo recommended you.
Javier Carvajal
FEMBI Mortgage
787 378 3345

FEMBI has a good track record for closing sooner and on time.

Gracias por Su ayuda! 😁😁

My favorite Spanish phrase.

Where are planning to build and have you found a builder?

We are in Palmas Del Mar. We have bought the land and have an architect. We are in the first  revision process. Then the arb, then, Humacao permits, then bids for the project. So probably 3-4 months from builders.

It is a 6,000 + sq ft home.  If you have recommendations I would appreciate the reference.

🙏🙏

I've heard good things about Casa Bella Corp they specialize in prefrab concrete construction,  Ecocast is another company and Costa Brava construction located in Rincon specialize in insulated concrete homes which reduces your energy coast. I spoke to the owner and he has built homes in your area that withstood Maria with no issues. They use foam wrapped in re bar that is then sprayed with concrete.

Thank you

Totally off-topic but has anyone tried building a container home in PR?

Take a look at this cnn article

https://edition.cnn.com/2020/09/14/us/c … index.html

I like the idea but you need to heavily insulate the walls and ceiling and that shrinks your interior space unless your using more then one container. I believe containers in PR go for about 5k to 7k. Look into a tall container you'll get 9 or 10ft ceiling. Insulation is key if not you'll roast in that thing. Good luck!

Thank you, guys!

I am getting ready to build an ICF home in Aguadilla.  There is a great company in San Juan CICFS, LLC that will handle the specifics for you and an experienced group of builders they use.  ICF is ideal for the island since you can get custom design and short build times.  Plus the power consumption is much lower than concrete alone.

Hi,

Did you have any luck with construction loan?  Also, do you have a licensed engineer you would recommend?

Thank you,
Jason

No, I started with Banco Popular and COVID closed them down so just call the guy recommended here and am in contact with another, not sure if they will move.  Have an LOC here in TN to manage it but want to get a direct loan.  Yes, Fernando has put together a great team and they walked me through the permit process and I hired his engineer to oversee quality control and construction.  Fernando's phone at CICFs is 787-225-3291.  They have done a great job getting me permitted and ready to go.

Great thank you!  I will call him today.  Jason

Negotiating construction loans is a critical component that you should protect the borrower and the lender as well as to ensure good relationship to both parties. So this is my advice and experience. You should learn about lending and loan to avoid conflict and miscommunication. No lender wants a project that's two stories in the ground. So you should have the approval to both parties.

I have an advanced degree in econometrics, worked for 13 years on wall st, did derivatives, taught derivatives, and have had over 10 mortgages. My wife was a senior leveraged buyout lender. She wrote checks for $500mm typically for leverage buyouts with under 2 weeks notice. Never, has anyone said it takes 8 months to approve a loan.

In fact I, have now been in touch with 2 other possible lenders each has said it will take 30-60 days to evaluate and approve a loan.

No, this is not credit analysis, it is a bank that says it is in a business but is actually not in the business of construction loans.  And the more people I speak with, the more I hear  it is a bank with a very poor reputation.

Hi Daryl,

If you do not mind discussing it how big is the house you are planning on building? How long will it take to build your house? What is the overall price for your house? Things of that nature would help out a lot of people that might be interested in using them to build their house.

My long time friend is a contractor for the idea and concept.  He is in California. I can share your info with him or visa versa.

Will reply when I get it ...

Can you share some thoughts with me? I'm on my own research where to get a rental loan and I found I Fund Cities. I think they can provide service through the Internet.