It is begun.

The KHouse is underway. More when there is more.

GAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHH

Shit.

SHit shit shit.

I just got this from helpful James Johnson at CR mortgatge:

"Ok, I just got word back from them and I hate to have bad news, but here it is. As of this week, they just instituted a new policy that they are no longer lending to Non-residents. They have made an exception in your case, but this is gonna require some drastic things from you. They require that for every $100K borrowed, that you must put $166,666 into a CD in the bank and hold it there for a minimum of 1 year. The return interest rate depends on exactly how much is deposited. This makes no sense to me, as I am sure to you as well. Unfortunately with the credit crisis worldwide, the banks across CR are running out of money to lend and they are requiring steeper and steeper conditions in order to lend. "



The banks here are cutting off lending to Non-residents all over the place. I started out with 12 lenders at the beginning of the year and I am down to 1 with very difficult terms to qualify..."


Wow. THis is not, of course, the end, but a serious road block. I am sorry to those of you still following this as I am to everyone who is emotionally and professionally invested in it on my end. This is really bad news.

Any and all advice is welcome.

Alright.

I am sick of this.

LETS BUILD A HOUSE.

I got my loan application in two weeks ago. I have another 2 weeks to one month to wait. SO DONE WIATING. I love this project and I want to start NOOOOW. Of course, its the rainy season, so thats impracticable, but I am so excited by this, its hard to wait.

The loan application is complete. Its in someone else's hands right now.

Bad timing in terms of credit, perhaps, but Ben Bernake seems to think that giving people free money is a good idea. Maybe if I pretend to be a major lender who was remiss in my own risk analysis, I can get free money too.

We are getting closer. James from Costa Rica Mortgage has all the official documents. I have a handful of things to send him and then....then maybe we get the green light.

In other interesting news, the price of steel has fallen 9 % as the auto and building industries worldwide prepare for economic slowdown. Good for me? Lets hope. Stell is expensive.

Breaking. Ground.

Savor those words.

They are two of my favorites:

From Guillermo
"The contractors were finalizing some docs. on the Nicoya municipality as well, we are breaking ground

this week. I am almost 100% that tomorrow it will be taking place."

Also, let me again on line extend my gratitude to DatumZero for their support. Guillermo has been instrumental, in getting all my foreign tax and real estate documents together for my maddening loan applicaiton. Let me put this more bluntly---He saved my ass. No way I could have done that. The man went to the municipality and paid my taxes for me. Lets look at that again- piad my taxes for me. This, I cannot do from Palo Alto.

Also, a big shout out to James Johnson at Costa Rica Mortgage. After months of a maddening loan application process, James just picked up the phone and walked me through everything. He gave me recommendations and tips, streamlined the process. He was great. I think I will get the loan soon, largely thanks to his handling.
www.costaricamortgage.net/james

Death and taxes.

only these two things are certain in life.

well, I just paid my CR taxes, or rather Guillermo did so for me in nicoya.

I may, one day, financially recover from the 2 dollars and 50 cents that I was stripped in CR, but for the time being, I am going to lick my wounds and try to take out a loan to cover it.


Really, 2.50 after 9 years? I love this country. Of course, now I understand why CR is totally broke, but I love it all the same.

This is utterly and completely without tangent.

I got this in an email from my Father.

"So, I sent Annie a birthday greeting, but instead of wasting time on some frilly wishes, I offered her some advice. To be brief, it was to beware of the altogether too easy trap of sacrificing one's life and soul on the altar of a job. "Put yourself first," I said, etc."

Isn't that amazing. I mean, we all hear this message, but this is what my Dad wanted to give my sister for a Birthday gift: advice. You have no idea how lucky I am to have grown up around him.

Add ons. depending on left over budget, I asked Guillermo to compile a list of add ons that are cost effective and add value to the home that I can consider. Here is his response.

Let me know what you think....

ADD ONs i would consider:

1. A plunge pool. Approx. 8x10 in size. I think that a small pool with proper settings, lighting can be such a great added value, this for resale purposes or for pure enjoyment.

2. Upgrade in kitchen appliances, this is an item that can give you great return. Things such as a great refrigerator, ice maker, maybe a separate wine cooler...

3. Exterior lighting. We have provided the minimum for the entry area. BUT throwing 2k on exterior lighting and basic landscaping can be a great added value.

4. we can also intall some built in de-humidifiers. Given the level of humidity that the house can reach in some times of the year it can be a nice added value....
http://www.sylvane.com/santa-fe-dehumidifiers.html

http://www.sylvane.com/

And so we begin.

Today I requested an invoice to pay for permits that will be pulled to break ground. I have yet to sign the contract, but I assume I will do that later this week.

Its moving forward. I have been pre approved for a construction loan at 8.7% for 30 years, fixed for 5. Thanks to Sam Baugh at Costa Rica Mortgage. I highly recommend him. He got me to at least 3 good lenders for pre-approval.

And Guillermo is working with the builder as we speak to start that process.

Some modifications were made to the final design to get the bids down. The gallery will be thinner and the floors concrete and not teak. If there is any money left over, then we are considering a plunge pool. I dont like them, myself, but buyers do, and frankly they are great for passive cooling. The water evaporates and fills the house with cooler air.

I dont know. I still like the hardwood floors.

Well, this is it.

If you have made it this far and are still following the blog, I thank you. Its been a journey.

three
two
one.

I have contacted Sam Baugh at Costa Rica Mortgage. I am trying to find financing in a fixed rate at about 25-30 years. Preferably the later. And preferably at around 8%.



I am told the closing costs will be about 4 percent of the loan, for processing, legal work, and other things I have forgotten.



This should give me a monthly payment of around 1600-1800 a month depending on terms.



On DatumZero's front, Guillermo met with the builders last week to talk about schedules. I will let you know where we are when I hear back.



I asked Guillermo to make a "wish list' that prioritizes the incremental improvements that could be made to the house is budget allows. I want to know what has the greatest impact on the overall disposiiton should I decide that it is worth the price.

Green light. GREEN LIGHT.

We are going for it. Plan B has a vision. Plan B has a amission> Plan B has a team, and now, Plan B has a green light.

We selected a contractor and will soon finalize start dates.

How excited am I?