If there was any doubt that Nicaragua is emerging as a hotspot for second or vacation homes, consider this !

HSBC Plans New Cross-Border Mortgage Product for Early 2008

HSBC has announced plans to launch a cross-border mortgage product - a pre-approved loan with an LTV of up to 60%, which is currently only offered to HSBC Premier clients (who are required to keep at least $100,000 in deposits and investments with the bank.)

The new "much, more open," middle market mortgage will be offered in the same 35 countries that HSBC's Premier service operates, which includes the U.S., Mexico, Brazil, and the U.K.

The UK-based bank hopes to take advantage of a recent trend in people buying second and third homes abroad as investment properties or retirement destinations.

A bank spokesperson noted that " complying with all the regulations has been difficult," and that it was too early to provide specific details of how exactly the product would be formulated.

Source: marketwatch, September 3, 2007

HSBC is a large international bank originating from Britain. Around April 2007, it performed a merger with the well run Nicaraguan bank "Banistmo". HSBC now has a retail prescence in Nicaragua and Panama.