First our Ecuador Living service recently informed its subscribers about the benefits of 555. One of the EL updates said:
“The 555 Plan is an idea to stimulate small business activity. Small business people can go to a state bank called Banco de Fomento and apply for a $5,000 loan at a 5% interest rate, payable over 5 years.
“In just the Ibarra branch of the state bank, since the spring, there have been 600 applications of which 420 have been approved and $2,100,000 has been lent.
“That paints an encouraging picture for the amounts loaned throughout the country – we can surmise that more than $100 million, possibly several hundred million, has been lent because Imbabura’s business activities definitely represent less than 10% of the country’s economy and possibly only 1-2 %.
“It’s too early for the results of this stimulus to be felt yet, but what can be surmised is that there is definitely a demand for loans at reasonable rates of interest amongst the small business community.”
The second lift came when Ecuador was named by International Living as the second best country in the world for retirement. Now a third really special lift is coming.
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The third new lift is 555 Real Estate. Steve has just informed me that the 555 Plan has been extended to real estate. Steve writes:
“There are plans to extend the 555 scheme to real estate. Ecuador ‘s social security system has millions in reserves and is planning a major release of funds in the form of loans at fixed interest rates for the purchase and repair of real estate. The money will be delivered in stages.
“Stage one will be mortgages up to $50,000 on existing real estate for 5 to 25 years. Phase two will provide 15 year loans for remodeling and repair. Phase three will provide loans for construction.
“Interest rates will run between 8.5% and 11%. Applicants will need down payments of 20%. Monthly repayments must not be more than 35% of total family earnings.
“It is estimated that there will be at least 500,000 loan applicants.”
This could have a huge added lift on Ecuador real estate prices.
We hope you will join us there as we look at our 2008 portfolios at our upcoming International Business and Investing course in Ecuador .
Including the house and condo below that are for sale.
Space is always limited. We can have a maximum of 50 at this courses and currently 46 have reserved and paid. Many more have enquired.
Sign up as soon as possible and share the satisfying, profitable and exciting lifestyle that being international brings with Merri and me. To enroll please go to: https://www.garyascott.com/gr1018.html
Stay on and enjoy a two day real estate tour. Details are at
Stay on and enjoy our Shamanic Tour! Don’t miss this tour as it will be the last for at least a year. We have had over 4,500 enquiries about Ecuador in the past five months. 90% of them have been about Ecuador real estate so in
2008 we’ll be expanding our real estate tours instead of the shamanic tours.