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Mexican Banks Support Condo Construction in Baja - 27 October 2009

Development plans for luxury properties in Baja, Mexico, are moving forward, despite the slowing pace of construction across the border.

American developer CDDG recently announced that it received financing approval to complete construction on The Residences, a beachfront condominium, villa and penthouse complex with six spas, two swimming pools and a nine-hole putting green. Banorte Bank, one of the top banks in Mexico, funded the deal, confident that peninsula region will only continue to attract visitors and homeowners in coming years.

La Elegancia, a 19-floor tower with rooftop pool and movie theater, is also working with Banorte to wrap up construction within a year. About 65 percent of the project’s 109 units have already been sold. The bank is also helping to untangle the complicated title and trust processes for Las Palmas condos in Rosarito.

Other Baja projects recently green-lighted include Naos, a 20-story “green” tower in the Riviera Baja region; Palacio del Mar, a 10-acre beachfront property; and Entremar, the first high rise in Ensenada.

Baja California — the northernmost part of Mexico that literally means “lower California” — remains a hot spot for Mexican real estate. Though Baja is primarily a desert, the peninsula region is known for its suburb coastal conditions for activities like surfing, diving and fishing. The year-round sunshine is also attractive to overseas investors, especially since the Euro and the American dollar are consistently worth much more than the Mexican peso. With assistance from a qualified banker’s advocate, many investors are able to set up a trust or a fedeicomiso to secure a loan and purchase property from abroad.

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