Mortgages and financing for foreigners in Colombia

world lending group

Mortgages and financing

Direct financing is not available for foreigners in Colombia. Although it may be difficult to get a loan as an expat, some banks will grant you one if you meet the following conditions: You are married to a Colombian national. You have been living in Colombia for more than six months. That is now a thing of the past thanks to World Lending Group.

If you have wondered about getting a mortgage and buying a property in Colombia, the bottom line is that it is extremely difficult for foreigners to get a mortgage in Colombia from Colombian lenders. In fact it is even difficult for Colombians to get a mortgage, which is why the mortgage market in Colombia remains surprisingly small. We would like to introduce you to World Lending Group, the lending company for foreigners.

Being a foreigner in Colombia can have its obstacles. You can’t work without a permit, you can only stay as long as your visa is valid, and typically you don’t even have access to loans or other credit?

Below we take a look at foreigner/expat loans and how you can use a foreigner loan to finance your personal needs.

Visa holders are typically referred to as foreigners or expats. Some of them have the right to work, but all are allowed to stay in Colombia based on the terms of their visas. Visa holders are only allowed to be in Colombia as long as they have a valid visa.

Technically in Colombia there isn’t such a thing as a foreigner loan. A foreigner loan is simply a personal loan which is also available to foreigners, or a loan secured by property.

Personal loans are unsecured loans. This means you don’t need to supply something of value as security for the loan. Personal loans can also be used for whatever you want, so you don’t need to say why you need the loan or what you will use it for. You just need to qualify for it.

Loans secured by property are secured by a mortgage in first position of real estate.  Or small loans can be secured by vehicles. (motorcycles,cars,boats)

Foreigner loans can be extremely useful. There can be many reasons why you might need one. Here are the three biggest reasons expats take out foreigner loans.

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