Florida real estate company offers mortgage-free homes to Puerto Ricans
The National Mortgage Association says the Puerto Rican real estate giant Santos Real Estate Group, a subsidiary of Santos Holding AG, is offering mortgages to Puerto Rican residents, including those with incomes less than $75,000, and those with income between $75 and $99,999.
The move was announced Thursday in a joint statement from the two companies.
“The company’s strategy is to provide homes for low-income Puerto Rican families and encourage more of them to move into the United States,” said the statement from Robert Santos, the company’s chairman and CEO.
“We have seen a tremendous increase in the demand for these mortgages, particularly in the areas of housing, education and infrastructure, and Santos is taking this opportunity to continue to make real estate a top priority in the region.”
Santos was founded in 2006 and has about 8,500 employees, including about 1,500 in Puerto Rico.
It operates in the United Kingdom, Australia, Germany, France, Spain and Portugal.
The company said the move was in line with Santos’ stated objective to support the local economy.
Santos is based in Santa Ana, Calif.
Santos has said it is focused on providing jobs and economic development to the territory, and it also has a presence in the U.S. Virgin Islands, Guam and Puerto Rico, where the company has offices.
The firm has a total of $1.6 billion in assets, according to the company.