Mexlend Closes the First Refinancing Loan in Puerto Vallarta
Published Jul 23, 2007 - (Updated Aug 18, 2012)
Puerto Vallarta-based MEXLend, an industry-leading mortgage broker in Mexico, has closed the first GE refinancing loan in Vallarta, and only the second in Mexico, marking the beginning of many more financing options to fund in Banderas Bay.
Refinancing is one of the most exciting new offerings from our US. investors lending in Mexico. Softec estimates that in 2006, only 10% of housing stock in Mexico has financing attached. That means that 90% of all condominiums and homes are owned free and clear. This leaves an enormous amount of pent-up equity that can be utilized for property improvement, debt restructuring or diversifying investment. By cashing out on some of the equity in your property you can dive into home improvement or other investments.
“We are ecstatic with the introduction of refinancing and the variety of other fund options that are becoming available for Mexican properties,” stated David Schwendeman, co-founder and COO of MEXLend. "I think the way things are right now, there is market for everyone. Something we have noticed in the domestic market is that more players in a growing market is good for everyone. It brings legitimacy to the product," said Edwin Vega, Chief Executive of mortgage lender GE Money Credito Hipotecario.
There are many advantages to refinancing or cashing out on your Mexican property. The foremost of which is putting money in your pocket instead of having it all tied up in your second home. Property values in Mexico have been on a rapid, upward rise. You can take advantage this equity through the purchase of another investment property and increasing your net worth or improving an existing home. All of this represents a fantastic way to hedge your investment and build a larger retirement portfolio.
As recently as three years ago, your options to purchase a home in Mexico were limited to paying cash or to mortgages with extremely high interest rates. Within the past year, many lending options have opened up to foreigners seeking a mortgage, but only one Mortgage Broker – MEXLend - has been singled out for customer service. In recently announced results based upon post-closing client interviews conducted by Mexico’s largest US lender, MEXLend won the #1 mark of distinction for both client satisfaction and fastest closings for the second straight cycle. Time and time again, MEXLend was praised for their attention to detail, ease of process and timeliness. Forging partnerships with banks, private lenders, title insurance agencies and attorneys has afforded MEXLend the unique ability to streamline the mortgage process in Mexico.
MEXLend is not limited to mortgages for Puerto Vallarta, as they can offer their award-winning services for purchasing property in any city, town or resort area throughout Mexico – in US Dollars or Pesos – to refinance a current loan or simply cash out on existing equity. For additional information, log onto www.mexlend.com.