Our Real Estate Proyect have a Financing Available by:

It is an honor for Banco Nacional to present the institution and the program “BN-Second Home Financing Program” that has been specifically designed to satisfy the North American citizen’s demand for residences at the shores and mountains of Costa Rica, including resident or non resident persons.

Who is the Banco Nacional de Costa Rica ( www.bncr.fi.cr ) ?
Public Financial Institution (100% Costa Rica government ownership), founded in 1914, operations focused on the integral needs of the customers and universality of financial services. BNCR has 100% ownership of three companies (BN-Pensiones, BN-Valores, BN-Inversiones) and a 49% control of BICSA, a foreign bank.  Recently, BNCR has created a fourth company (BN-Titularizadora) responsible of capital structure for securities underwriting supported by mortgages portfolios. BNCR´s main results and ranking as issued in 2006, as the largest bank in Central America.:

The sustainable growth in the results puts BNCR as one of the top ranked regionally and first in the country. Based on BNCR´s mortgage portfolio it is the largest supplier of housing loans in the country with a market share of 30%.

¿What is “BN-Second Home Financing Program”  It is a program specifically designed to help North Americans (resident or non resident), real estate investors or retired individuals, purchase  lots, condominiums o villas in real estate projects located in added value and beautiful areas.
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The main objective of “BN-Second Home Financing Program” is backing credits by supplying loans at competitive conditions in the market with the same standards and regulations of the US.
Main features of  financing

• BNCR qualifies the real estate project using, criteria like: experience, references, location, feasibility of prices, etc.
• BNCR authorizes the developer to offer to potential buyers the program “BN-Second Home Financing Program”
• The lots, condominiums and villas are transferred to a trust and BNCR grants a credit towards the offer, to allow the buyers the option of financing the property.
• BNCR audits the subscription phases of mortgages for the trust, assuring that all procedures are applied (appraisals), formats (mortgage deeds) and client’s evaluation criteria.
• BNCR manages the mortgage portfolio for the entire term, while the trust is the bank’s debtor, assuring the integrity and security of credit information.
• Trust’s debtors fulfill their payments in the USA and work through BNCR´s correspondents.
• BNCR could list mortgage portfolio, and placed on the local stock market, through one of the bank’s companies (BN-Titularizadora), upon experience gathered on other securities underwritings.

CHECK LIST REQUIREMENTS
These requirements apply only to US and Puerto Rico citizens/residents. This check list is provided to help gathering information to be included with loan application. The basic requirements needed are listed below. The Fideicommissary Bank may ask for additional documentation necessary to determine risk and approval of credit proposal. Personal information

• Passport’s photocopies (borrower & co-borrower) (Copias del pasaporte deudor y codeurdor)
• W-2 forms for previous 2 years (Formulario W2 - 2 últimos años)
• Personal tax returns for past 2 years (all pages signed and dated) (Declaración de impuestos 2 últimos años)
• Bank statements and/or brokerage account investments for prior 3 months (Estados bancarios 3 meses previos)
• Credit report (Reporte de crédito TransUnion, Equifax Experien)

• Passport’s photocopies (borrower & co-borrower)  (Copias del pasaporte deudor y codeurdor)
• Corporate/Partnership tax returns with all schedules for past 2 years (Declaración de impuestos corporative 2 últimos años)
• Profit & Loss statement for year to date (signed & dated) (Estado de pérdidas y ganacias)
• Balance sheet for year to date (signed & date) (Balance de situación)
• Bank statements and/or brokerage account investments for prior 3 months (Estados bancarios 3 meses previos)

• Form of authorization (Autorización consentimiento del consumidor)
• Know your Customer Form (Formulario Conozca su cliente)
• Uniform Residential Loan Application (completed & signed by all parties) (Solicitud con formulario universal USA)
• ACH Form (Automated Clearing House) (Formulario cargo automático cuenta en USA)
• Account opening form and PAR form (Contrato de aperture de cuenta y formulario PAR)
• Sugef credit report form (Costa Rica) (Formulario Sugef)

• Earnest Money Contract (sales purchase agreement executed by buyer and seller) (Contrato compra y venta)
• Cadastral Plot Photocopy (Survey Plan) (Plano catastrado)
• Appraisal (Avaluo)
• Constructive blueprints (Planos constructivos)