Scotia Bank Loans

Castellamonte said:

I recently heard that Scotia Bank is offering loans in the Dominican Republic at rates below 10% APR. Does anyone know if this is correct or not? Any solid connections with Scotia Bank I can use to check on this, please PM me and I'll post the intel here as I get it.

Thanks!

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Incorrect information. SB is charging 24% on loans per their quote to me today. Can you say 'Ouch!' ?

It also depends on what type of loan you are getting. If it is a peso loan, then it is quite expensive. If it is a dollars loan the last time I was there about 6 months ago, the rate was 8.75. If you are a citizen of the DR and your income is not DOLLARS derived, you will get quoted a pesos loan.

However also understand that ScotiaBank does not lend in many places, so it is not a catch all. For example, in the Bavaro area they do not lend on most properties unless there is title. So for many people trying to buy under construction, there was only a couple of places in cap cana and roko ki that they would lend on.

So, yes, there is likely still rates under 10%, but you need to qualify for it.

If you have to finance a vacation property, then you can't afford it !

This is simple advice for all that ask this question.

Reason being, is there is not enough appreciation or rental income to justify such a gamble.

People never learn!

If you have to finance a vacation property, then you can't afford it !

I disagree. One couple have a house in Canada, debt free, worth $350,000. The borrowed a first mortgage for $100,000 at 6%, bought a stuiod in Ocean Dream, and the unit is making them money and paying itself off....andin the next five years will appreciate - right now that is better than the stock market!