Published on February 15, 2014
Real Estate Crowdfunding in Mexico New Construction Projects
Crowdfunding Pre-Sale Program Pre-sale Crowdfunding allows the condominiums with a mortgage given term mortgage for the purchase construction process with benefits developer. construction of houses and to the final buyer, it is a long of a property during the for the client and for the Loan to value: Up to 75% of the property value Disbursements: Disbursements are made according to the construction advance up to 3 disbursements Technical review: This Technical review will indicate the required construction advance to make the disbursements. A technical review is required for each individual property to be crowdfunded With construction supervisions upon the construction advance is confirmed, the disbursements are authorized.
Condominiums •The crowdfunds are given in to 2 disbursements, at a 50% of construction advance and the second at a 75% of construction advance. •A 50% construction advance is when the building structure is finished (columns and floors), the outflows of the sanitary facilities and the condominium to be financed is closed (walls). •A 75% construction advance is when the condominium has plaster, kitchen and sanitary facilities, carpentry is beginning, tiles almost finished, metallic structure for ceiling, air outflow, floor finished and ready for carpet , laminated floor, etc. IMPORTANT: The construction advance of all the development is considered separate from the construction advance of the individual property that will be crowdfunded. The crowdfund will consider the construction advancement of the individual property to make the disbursements
75% 50% 0% 100% Appraisal Down payment The credit can be signed even if the required construction advance for the 1st disbursement is not ready Technical review Credit sign 1st disbursement Technical review 2nd disbursement When the first disbursement is done the construction should be finished within the next 12 months.
House/Villas: •The credit is given up to 3 disbursements, the first at a 30% of construction advancement, the second at a 50% of construction advancement and the last at a 75% of construction advancement. •In this case it is very important the construction budget for each house. •A 30% construction advance is when the foundations are finished and the first level walls, septic drain excavations, light connections. •A 50% construction advance is when are finished the raw structure, the ducts for the electric wiring installation and the outflows of the sanitary facilities. •A 75% construction advance is when the house has plaster, kitchen and sanitary facilities, carpentry is beginning, tiles almost finished, metallic structure for ceiling, air outflow, floor finished and ready for carpet , laminated floor, etc.
Benefits for the client: •Make the title deed in a construction stage saves money with the notary process and the register of the title when it is approved by the notary •Signing the credit assure the conditions of the credit (rates) during all the construction process. •The property acquisition costs could be lower. •The monthly payments are only over the amount disbursed. Benefits for the developer: •Decreases the financial cost during the construction stage. •Confirm the sale before finishing the house •Obtain guaranteed funding resources for the construction of the product.
Get The Development Approved Before the starting disbursment of Crowdfunds: The condo regime must be done (if required). Get the land taxes bill individualized. A construction contract for the total purchase value of the construction must be drafted and approved by the interested parties between the client and the developer enter into a purchase-sale contract agreement.
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