Construction loan to build house in Puerto Rico

G1977 Active member

67POSTS

4 years ago

#41

Would you mind sharing your builders info? Im still looking for quotes and ideas. Thanks.

Richard Andrea Rodriguez Member

17POSTS

4 years ago

#42

G1977 wrote:
Wow good question, you need to do whats most comfortable for your situation. I would suggest use the banks money. The bank will send an inspector to check every stage of the construction before paying the contractor a dime. Save your cash till the end then you can pay it towards your principal. Hold on to your cash for any unexpected situation that may arise. Good luck!

Yes! That is my main reason for using a Bank / Cooperativa. The inspection part.

lauriabarca Member

19POSTS

4 years ago

#43

The land I purchased was part of a "community" build out. You buy their land, use their builder, etc.
Its like purchasing a new home in the mainland but the main difference is that you need to deal with everything separate, its not a full service shop where they just give you the keys at the end. The land owner did not have the resources to do the entire build out and sell as a complete project (community) by turning in keys. Instead they provided a "package deal" but it then requires a construction loan (unless you have the entire money) instead a regular loan like when you are given the keys at the end of construction after closing. The builder is Casa Bella Inc. They have many models to choose from, you can also customize those models (for a fee of course).

G1977 Active member

67POSTS

4 years ago

#44

Who handles obtianing building permits and soil test?

William Cameron Active member

77POSTS

4 years ago

#45

Regarding rates, construction loans typically do have a higher rate than a straight mortgage. Questions: Does the loan convert to a regular mortgage, is the mortgage rate the same as the construction rate, and of course you may be able to refi, after it’s built.

But, rates are higher in PR.

lauriabarca Member

19POSTS

4 years ago

#46

I payed cash for the soil study which was recommended by land booker. Of course I made sure he was legit. He concluded everything and gave me the report which I gave the builder. All the permits, etc are handled by the builder.

Richard Andrea Rodriguez Member

17POSTS

4 years ago

#47

I am considering Casa Bella as well. Did you sign the contract with them already? I am trying to get a sense of how responsible they are.

lauriabarca Member

19POSTS

4 years ago

#48

It does not convert to regular mortgage but I always have the option to refinance once is built.

lauriabarca Member

19POSTS

4 years ago

#49

I just signed last week. The process is really slow so you have to be on top of them!

Richard Andrea Rodriguez Member

17POSTS

4 years ago

#50

Thanks!

1 member reacted to this post

G1977 Active member

67POSTS

4 years ago

#51

What was the cost of the soil study and can you provide me with Company name a number? Also how long did the soil study take. Thank for your help!

G1977 Active member

67POSTS

4 years ago

#52

Hi William, would you happen to have your architects contact info? I believe the name you gave was Vanessa Sifontes. Thanks!

William Cameron Active member

77POSTS

4 years ago

#53

G,

That did not work out. I would recommend hiring an architectural firm and not a one person shop.

I’ve retained integra.com in San Juan 787-767-2111

They do residential, commercial and government. That means all experts are in-house. The fee is the same as with an individualabout 10-12%.

They have been more responsive and no issue with, for example, “my draftsman is away for the next two weeks”.

Also they have a better idea of construction rates. The original architect told me $150-$200 per sq ft. I assumed it would be north of $200 based on local reports. Integra said the cost is now closer to $300 and they are right.

My first contact was Dwight Rodriguez, and my architect is Luis.

I would absolutely give them a call to talk about the project.

G1977 Active member

67POSTS

4 years ago

#54

Wow I cant believe 300 per sqft. Where do you think you could of saved money through out the process and how long did it take to build your home what is the square footage?

elilynlee Member

16POSTS

4 years ago

#55

Who is ur builder?

G1977 Active member

67POSTS

4 years ago

#56

Dont have one yet, I'm speaking to an architect thats telling there is a long wait time for construction crews. She recommends scheduling them 12 to 18 months ahead of time.

lauriabarca Member

19POSTS

4 years ago

#57

Advanced Soil Engineering, Corp
(787) 830-0366 Roughly $2k but that would probably depend on the lot. It took several weeks 4-6 to get the full report. I hope that helps!

G1977 Active member

67POSTS

4 years ago

#58

Yes thank you!

William Cameron Active member

77POSTS

4 years ago

#59

We are still in the design phase. It’s about 5,500 sq ft on a hill. It does have Miami dade hurricane glazing, pool, solar, cistern….

We hope to have it to the arb in a few weeks.

G1977 Active member

67POSTS

4 years ago

#60

Send me your contact info Jim.

Richard Andrea Rodriguez Member

17POSTS

4 years ago

#61

lauriabarca wrote:
Advanced Soil Engineering, Corp
(787) 830-0366 Roughly $2k but that would probably depend on the lot. It took several weeks 4-6 to get the full report. I hope that helps!

I used the same company and in my case, I paid $2,288, the results took 4 weeks since they did the initial visit.

1 member reacted to this post

Richard Andrea Rodriguez Member

17POSTS

4 years ago

#62

I noticed we used the same company for the soil study. Did the final price for the house was close to the price posted on their website? I am thinking about the acacia model I and the soil study was performed with the dimensions of that model. Thanks!

1 member reacted to this post

G1977 Active member

67POSTS

4 years ago

#63

Can I call you in a few minutes if not is tomorrow better?

Richard Andrea Rodriguez Member

17POSTS

4 years ago

#64

Greetings, Sharing the evolution of prices of the Pre-fab company Casa Bella from June 2017-June 2021...Interesting that in just a few months now in Oct 2021 the prices have increased and are even higher. https://ibb.co/kqx1k3m

1 member reacted to this post

G1977 Active member

67POSTS

4 years ago

#65

Prices going up and customer service going down...

lauriabarca Member

19POSTS

4 years ago

#66

I haven’t started building since I just signed the contract with Casa Bella and I’m finalizing the loan. However, the price was pretty close but of course we haven’t done the design phase, so no upgrades as of now. We will see duro design because I always end up upgrading features.

1 member reacted to this post

G1977 Active member

67POSTS

4 years ago

#67

Once they break ground how long did they say?

lauriabarca Member

19POSTS

4 years ago

#68

About 10 months

Idachamorro367 Chamorro New member

3POSTS

3 years ago

#69

@William Cameron

Hello,

Thank you for the information are you able to recommend the builder you used for your build? Thanks

athenahinkhouse Member

18POSTS

3 years ago

#70

@RudyEW Do you recommend your architect? I hope you have found a good contractor. My understanding is that's the biggest hurdle. I am interviewing architects for my remodel. I'm surprised at the amount of time it will take. I'm basically expecting 18 months to two years.

athenahinkhouse Member

18POSTS

3 years ago

#71

@William Cameron Where are you on your build now? In hindsight, anything you'd recommend to do differently? Thank you!

athenahinkhouse Member

18POSTS

3 years ago

#72

@lauriabarca You sound like me! Where are you in your project now? It's been 11 months since your post. All the best, Athena

Ordep1957 New member

3POSTS

3 years ago

#73

@Richard Andrea Rodriguez

I have .25 acre lot in Boqueron/Cabo Rojo..this bit of info you provided is exciting. Thx for sharing.

Ordep1957 New member

3POSTS

3 years ago

#74

@William Cameron you Sir are a wealth of info. Thx for sharing.

What is your opinion regarding prefab development and do you have any knowledge/opinion on Casa Bella a prefab company in Toa Baja.

Thx for any feedback. Just bumped onto this site.

FillaMoffy New member

4POSTS

3 years ago

#75

A loan is a familiar transaction in a bank. But personally, I think this is not the safest way out of a situation when you need money.

jillmedina Active member

48POSTS

3 years ago

#76

@Ordep1957 I do not recommend casa Bella! We and aa number of the members here had a horrible experience with them.

jillmedina Active member

48POSTS

3 years ago

#77

@lauriabarca where are you getting the building/construction loan thru? Also are you currently a resident on the island? We have been finding that to be the biggest barrier to getting anything done.

William Cameron Active member

77POSTS

3 years ago

#78

@Ordep1957

thank you for the kind words. No I don’t have any knowledge of prefabs, though I have seen one person doing things with shipping containers. I think you can google it.

Miss6 New member

3POSTS

3 years ago

#79

Hello, I enjoyed reading everyone's posts and am starting to do the same path towards relocating. Can anyone in this threat recommend some good contractors, but more than anything a good real estate lawyer that I can trust? I am a federal employee and I am also working with a credit union. Thank you.