Under Costa Rican law, because the public deed is drafted in Spanish, the presence of a certified translator is legally required at closing to review, translate, and attest to the document prior to execution.

All supporting documentation (tax returns, bank statements, pay stubs, government IDs) is submitted electronically via secure digital channels.

The end-to-end origination process typically spans 4 to 5 weeks upon receipt of a complete document file.

• Pre-qualification via LAFISE Miami: 3 business days.
• Underwriting Pre-approval (Costa Rica): 3 business days.
• Property Appraisal & Technical Evaluation: ~5 business days
• Final Credit Committee Approval: 5 business days.
• Loan Formalization & Closing Execution: 5 business days.

Formal credit approvals remain valid for 3 months from the committee approval date. If closing does not occur within this window, an updated financial review is required.

Yes. Multi-currency account opening (USD, CRC, EUR) is initiated digitally alongside your mortgage application.

The Interbank Reference Rate (Tasa TRI) is calculated by the Costa Rican Chamber of Banks. For USD-denominated loans, Banco LAFISE utilizes the 12-month USD TRI Rate as its variable benchmark.

The spread is the fixed margin added to the benchmark rate. Under this program, the 4.00% margin is fixed for the remainder of the loan term following the initial fixed-rate period.

The fully indexed rate is calculated as: 12-Month USD TRI Rate + 4.00% Fixed Margin.

The contractual minimum rate is set at 7.85%. Should the sum of the 12-Month TRI + 4.00% fall below 7.85%, the applicable note rate remains at the 7.85% floor.

Option 1: 6.50% fixed for Years 1–2; 7.50% fixed for Years 3–5.

Option 2: 5.95% fixed for Year 1 (12 months).

Option 3: 7.15% fixed for Years 1–4 (48 months).

All options convert to the adjustable structure: 12-Month USD TRI + 4.00% margin (7.85% floor).

Resets occur on a monthly or quarterly basis as stipulated in the credit agreement.

Yes. During the adjustable-rate phase, monthly debt service payments fluctuate based on benchmark rate adjustments.

All facility debt service payments are denominated and payable in U.S. Dollars (USD).

Historical performance data is publicly published on the official Costa Rican Chamber of Banks portal.

Yes. Partial prepayments up to $10,000 USD per month are permitted without penalty.

A 3.00% prepayment fee applies to the outstanding principal balance if the facility is paid off in full within the first 5 years.

Prepayment terms may be reviewed upon request. However, if facility payoff results from refinancing through another financial institution, the 3% penalty is strictly enforced.

No. Starting in Year 6 (month 61 onward), complete facility payoff is penalty-free.

The bank assesses a 1.25% origination fee calculated on the gross financed principal amount.

Yes. Default interest and late fees accrue on delinquent balances pursuant to contractual terms.

Unscheduled principal curtailments apply directly to reducing the outstanding principal balance.

Borrowers must budget for the bank origination fee (1.25%), appraisal costs, legal/notarial fees, and transfer taxes/registration charges.

The LTV calculation may incorporate legal fees and origination costs, provided the net disbursement to the seller maintains compliance with max LTV thresholds against the purchase agreement value.

Payments can be executed via automated direct debit from your Banco LAFISE USD account or via international wire transfers through online banking.

LTV is the ratio of the requested facility amount to the property's underwriting value (defined as the lower of appraised market value or purchase agreement price).

Maximum LTV is 70% (minimum 30% equity/down payment).

Maximum LTV is 60% (minimum 40% equity/down payment).

Maximum LTV is 55% (minimum 45% equity/down payment).

Maximum LTV is 65% (minimum 35% equity/down payment).

Maximum LTV is 55% (minimum 45% equity/down payment).

Maximum LTV is 50% (minimum 50% equity/down payment).

Facility amounts over $1,000,000 USD are subject to a 50% maximum LTV and custom underwriting review.

The minimum mortgage facility amount is $10,000 USD.

Facility terms are available for up to 20 years.

As a general underwriting policy, maritime concession assets are excluded, as facilities require fee-simple title registered in the National Registry. However, concession assets may be reviewed under special legal/technical structures on an exceptional basis, though this is not standard practice.

Properties must hold unencumbered, fee-simple title (finca inscrita) registered with the National Registry of Costa Rica, supported by an official survey map (plano catastrado).

Share transfer acquisitions are generally ineligible. Collateral must be titled directly or transferred into the approved trust structure.

Coverage includes Tamarindo, Las Catalinas, Flamingo, Conchal, Nosara, Guiones, Sámara, Playas del Coco, Ocotal, Playa Hermosa, Papagayo, Potrero, and Hacienda Pinilla.

Yes. We underwrite in Jacó, Playa Hermosa, Herradura, Manuel Antonio, Quepos, Dominical, Uvita, Ojochal, Santa Teresa, Mal País, and Cóbano.

Yes. Facilities are available in regional markets including La Fortuna, Ciudad Quesada, San Carlos, and Pérez Zeledón.

Speculative vacant land financing in coastal areas is excluded. Land acquisition is eligible only when tied to an immediate, single-phase construction loan within an approved master-planned residential development or condominium.

The borrower contributes the land equity and permits. Financing is underwritten against total project value (land + construction) and disbursed in draw tranches based on certified completion milestones verified by a bank inspector.

Yes. Equity extraction facilities (Equity Loans) secured by unencumbered, fee-simple assets are available for liquidity or real estate acquisition.

Yes. These properties are underwritten under Second Home / Investment Property guidelines.

Valuations are performed by certified independent appraisers registered on Banco LAFISE's approved panel.

Yes. Renovation loans are underwritten up to 70% in rural/coastal regions.

Approved construction plans, signed CFIA permits, municipal building permits, itemized budget, and a construction schedule.

A minimum credit score of 650 on international credit reports is required.

We accept official tri-merge credit reports from Experian, TransUnion, or Equifax (at least two bureau reports required).

Applicants must present clean credit reports without active collections, unsatisfied judgments, charge-offs, or open bankruptcy proceedings.

• Passport copy and driver's license.
• Last 2 months of consecutive pay stubs.
• Last 3 months of personal bank statements.
• Complete personal tax returns (Tax Returns) for the last 3 years.

• Passport copy and driver's license.
• Last 6 months of operating business bank statements.
• Complete corporate and personal tax returns for the last 3 years.

Self-employed applicants reporting joint business income on Schedule C or K-1 schedules require a minimum 30% down payment (70% max LTV).

Yes. Retirees must submit official pension/Social Security benefit award letters alongside 3 months of bank statements verifying direct deposits.

The minimum qualifying age is 21, with a standard maximum age of 65. Applicants over 65 are evaluated on a case-by-case basis with adjusted facility terms.

Applicants must demonstrate at least 12 months of continuous employment or business operating history.