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$260,000 Equity Loan Parrita

(EN ESPAÑOL – HAGA CLIC AQUÍ)

Earn 14% Interest Per Year!

Invest $260,000.00 TODAY (Fees Included),
and you will earn $3,033.00 per month.

LTV ~ 40%

That is $36,400.00 per year.
This is a 36-month term loan.

That’s $109,200.00 for the term of the loan!

(EN ESPAÑOL – HAGA CLIC AQUÍ)

 

The Loan Details

Amount Requested: $260,000.00 USD
LTV Ratio: ~ 40%
Term Desired: 3 years
Construction area: ~ 401.75 m2
Land Area: ~ 420.25 m2

The Collateral: (7 Unit Commercial Property + Lot)

This collateral property is  in the little town of Parrita, Costa Rica on the way to the famous beach called Playa Manuel Antonio.

It is located in the town center, on the main street (outlined in yellow), across from the main bank branch of Banco de Costa Rica (BCR).

ABOUT PARRITA

According to local legend, the town’s name comes from a woman named Rita, who lived in one of the original settlements in the area prior to the arrival of the Spanish. Rita supposedly owned a business and often received packages, and the phrase “Es pa Rita” (It’s for Rita) was heard so many times that the canton in which the city resides was named Parrita.

NOTEWORTHY THINGS

Parrita is surrounded by a number of rivers, including the (Damas, Picaritos, Palo Seco, Jicote, Chires and the Parrita).

The community’s economy is almost exclusively dedicated to producing African palm oil,  because the town was built in the middle of a large African Palm Oil Farm. African Palm Oil is an edible plant oil derived from the trees of the same name.

Property Description:

Note: Banco de Costa Rica (BCR) has purchased 17,000 square meters of land behind this collateral property to build a regional office; this will most likely increase the land valuation of the surrounding properties.

“Essential” Businesses:

The collateral is a well maintained commercial property with SEVEN retail units that are ALL occupied.

Almost all of the businesses are “essential” for the economy of the local area; With permission from the government, they are currently allowed to remain open for business during the COVID-19 Pandemic.

The borrower has not been without rental income since the start of the pandemic.

Below is a list of the businesses occupying each unit with their current monthly income (converted to dollars)

  • PIPASA** (~ $1,800.00 USD)
  • Convenience Store/Market (~ $1,350.00 USD)
  • Lottery Ticket Booth (~ $600.00 USD)
  • SeaFood Seller (~ $300.00 USD)
  • Doctors Office (~ $700.00 USD)
  • Shoe Store ( ~ $450.00 USD)
  • Fast Food Chicken  ( ~ $400.00 USD)

** PIPASA is the (Anchor Tenant). They are a well-known provider of quality meats/poultry in Costa Rica and have rented their location for over 20 years.

Photo: PIPASA

Photo: CONVENIENCE STORE/MARKET

Photo: LOTTERY TICKETS + SEAFOOD SALES

Photo: DOCTOR’S OFFICE

Photo: FRIED CHICKEN SELLER

Loan Notes:

The funds provided in this loan will be invested back into the collateral property.

The borrower will be constructing  a new commercial property, the ONLY (Oil and Lube Store) in the downtown area.

All of the following documents are available upon request (in addition to standard documents):

  • Recent appraisal by Banco Popular
  • Tax declarations for borrower
  • Financial statements for borrower
  • Lease agreements with commercial tenants including PIPASA
  • Proof of latest rent payments by commercial tenants

Also, The borrower has future plans to a build an additional commercial property, a medical building that will house TWELVE offices. This building will be the ONLY ONE in Parrita.

 

THIS IS ANOTHER GREAT LOAN OPPORTUNITY OF 2020!

COLLATERAL PROPERTY

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