Bank loan for land purchase

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brittopher1

New member
Apr 11, 2012
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I am looking for a financial institution to take out a loan with to purchase some land in Cabarete.

Which banks have you had a good/bad experience with when purchasing land in Dominican Republic? Do most people use a domestic bank or go international?

Any help at all would be greatly appreciated!
 
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Criss Colon

Platinum
Jan 2, 2002
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yahoomail.com
In one of your other posts, you referred to your "Girl Friend, and to riding a
Moto".
If your "GF" is a Dominicana NEVER start a business with her, her family, her friends, or especially with others she tells you are"Confiable"!
The "Moto" is a "No No" no matter what!
How fluent are you in Dominican Spanish?
Hard to be in any business here with out understanding what the hell people are saying, and writing.
What do you plan to offer as "Collateral" to a Dominican bank, for the loan you won't get anyway.
It's not just ME, most other DR1ers, especially those who have live,worked, and had businesses here, will tell you the exact same thing!
If you have only visited here as a tourist,and never lived here for a year or more, Minimum, you have absolutely no chance of having a successful business here!
"NONE"!
From your other posts, it's very evident you don't have a clue, either about the DR, OR Dominicans!
You have all questions, no answers.
As MANY of us say,
"Do you know how to leave the DR with a "Million Dollars"??????
"Come With Two"!!!!!!!!!!!!!!!!!!!
And if you had any "Seed Money", or had an inkling of the Dominican economic system, you wouldn't be asking about borrowing money from a Dominican bank,to purchase "Raw Land"!!!!
If you want to hear some, "Great Idea, Go For It's", from people who don't have a"Clue", and more than likely have never lived here, much less started a successful business,that's your call.
If you want some excellent "Hard Core Advice" from DR1ers who have, "Been There, Done That", and SOME, even "Wrote The Book" on it !!!!
Don't expect any "Sugar Coating".
We ALL wish you well, and in the end, as I said, It's not "Our Call",it's YOURS!
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Ringo

On Vacation!
Mar 6, 2003
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While I respect advice I more so respect actual situations and real information.

WHO has a loan at a bank that is real and meets the OP's question?

If you have a property loan then tell us your real experience.

If you do not and have nor been qualified for a loan in the D.R. then... perhaps you should not be posting.

Property loans are available but with lots of .....

Pay cash or have a big asset acct.

But comes down to.................... WHO has an R.E. bank loan in the D.R.?
 
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drSix

Silver
Oct 13, 2013
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I'd like to know the real answer to that question. Banco Popular, Bancocaribe, and others all advertise mortgages. With decent terms. There is also an advertisement on DR1 for mortgages.

There must be atleast one person on DR1 who has financed atleast a percentage of their land, house, business... Don't be shy! Here, borrow my shark cage, the can't get you.
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Ringo

On Vacation!
Mar 6, 2003
2,823
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Derfish said:
Nobody, that's the point.
Click to expand...

Let's NOT confuse the question. IF you have never been to the bank and filled out the forms OR don't qualify then you will not admit it and have nothing to contribute. If you did all that and YOU refused the loan then tell us why.

Banks DO loans and we ask those that have those loans and experience to give us REAL experience and answers.
 
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Ringo

On Vacation!
Mar 6, 2003
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william webster said:
Yes Ringo--
ScotiaBank advertises like crazy for mortgage loans
Click to expand...

Thanks ww. You appear to be the ONLY one that has current information and looked into this.

Please provide ScotiaBank link for the mortgage loans so that we can learn.

:)
 
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drSix

Silver
Oct 13, 2013
1,323
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No One... You all just showed up with a suitcase of cash, a swimming suit and sun hat! No monetary details needed, just percentages. ie, 20% down, five year term, 8% interest, at Bobs bank, applying was a breeze!
 
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LTSteve

Gold
Jul 9, 2010
5,449
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I have a friend who borrowed rd5,000,000 pesos through Banco Popular to buy an apartment in the DR. I don't know the terms of the loan but I do know that this is about 2/3 of the cost. If you are credit worthy they will lend you money. Again, obviously you must have an income that will allow you to be credit worthy. This person is from the US.

LTSteve
 
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Criss Colon

Platinum
Jan 2, 2002
21,843
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38
yahoomail.com
A person doesn't have to be shot in the chest, then run over by a bus here in the DR, to post that it would "HURT"!
Observing what HAS happened, is the best way to tell what "WILL" happen!
People who live in London England, and came here on a 1 week "AI" vacation are always telling those of us who have lived and worked here for 20 years, and post about the "Real DR", "If you hate Dominicans SO Much" LEAVE"!!!!!!!!!!!
We have, "Been There, Done That, Sent The Postcard Home, and even, Bought The T-Shirt"!
When they can say the same, I'll pay A Little attention to what they post, until then,
"Not-So-Much"!!!!!!!!!!!!!!!!!!!
This guy will NEVER, EVER, get a loan to buy "Land", or any other piece of real estate here in the DR!!!
NEVER!
Tell him the "TRUTH",don't encourage him to start on, "A Fool's Errand"!
You are not helping him, or anyone else.
I have seen posts similar to the "OP's" too many times to count here on DR1!
They are really not looking to have their questions answered, but are looking for "Validation" of their "Pipe Dream"!
Just like the fat, white Canadian girls who post,
"I met this Dominican guy working in a resort."
He says he loves me alone, and wants to come to Alberta to spend his life with me.
I want to marry him next time I go to the DR.
My "question" is, "Should I marry him, or not"??????????????????????
By actual count, there are 1,800 and 82, times that question has been asked in the "Mars/Venus" Forum!!!!!!
We have a "Mars/Venus" forum, we need a "Mars/ Ur-ANUS" forum!!!
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ctrob

Silver
Nov 9, 2006
5,591
781
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drSix said:
No One... You all just showed up with a suitcase of cash, a swimming suit and sun hat! No monetary details needed, just percentages. ie, 20% down, five year term, 8% interest, at Bobs bank, applying was a breeze!
Click to expand...

You've gotten some good advice already. Bank terms aren't that great here. A lot of people are retiring when they come to the DR, and using retirement funds, equity, etc. So a lot ARE paying cash.
And the rest apparently don't want to discuss their finances.

Why not walk into a couple of banks and see what you can get, then post what you find for people to comment on?
 
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Criss Colon

Platinum
Jan 2, 2002
21,843
191
0
38
yahoomail.com
Here's some good news from the DR government, they have just set the rate on credit card debt to around 4.6 %!!!!
Down fro 6.6 %!!!!!
The "Bad News" IS:
That is the MONTHLY RATE!!!!
OR, about 56% per YEAR!!!!!!!!!
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bayaguanaman

New member
Oct 22, 2009
266
12
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The BOP offered me a 100% mortgage at 12% secured 100 by a COD to be held by them. As they will also take a standard security on the apartment, I feel the 12% could be open to negotiation.( That was on 4m). I need to try and work the calculation that the interest on the COD will a: pay the interest monthly and b: make serious inroads into the repayment of the principal sum.This was last week.
 
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brittopher1

New member
Apr 11, 2012
31
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Thank you for all of the responses.

We have been talking with Scotia Bank for the past little while and will keep anyone interested updated on our progress. We are currently talking with numerous other financial institutions as well, outside of the Dominican Republic.
 
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