- Thread starter sofla
- Start date
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Financing Condo in D.R.
sofla said:Hello, i'm looking into buying a condo in Santo Domingo however, i haven't found any banks or financieras that have 100% financing i have found 50% and max has been 70%. Does 100% financing not exist?
Financing in a Dominican bank??? With the interest rate they charge you??? Huh!
I would be real surprised if ANYONE will do 70% as you stated. No even a finance house at 4-5% per month interest. It may cost them the additional 30% in value to get you out of the condo if you don't pay.
You aint in Kansas anymore Toto.
You aint in Kansas anymore Toto.
I don't think they would give you a loan if you aren't a Dominican of means. Most of the folks are gringos here I believe. Are you Dominican?sofla said:Banc Reservas Web Page Had Stated They Had 70% Financing
I haven't heard of any offshore financing available in the DR. Let me know who is offering it if you should hear.
Escott
"American-style" Mortgage Financing For D.R.
Hello...
I've been lurking on these boards for awhile, but have only posted once or twice. I have seen quite a few posts from the past couple of years about the lack of financing for home purchases, or, at least, financing at reasonable rates and terms.
To answer your question about financing for condos, etc., yes, there is American-style mortgage financing available for Americans (and sometimes Europeans) who wish to purchase in the D.R. The typical terms are just a fraction of a point above what we offer in the U.S., i.e., 6.5% to 8%, 80% LTV rising in some cases to 100% CLTV, and 30-year amortization, with loan amounts from $100k to $10m. I do not want to make a commercial post here, yet if you will PM me I will explain.
Ed Flower
Hello...
I've been lurking on these boards for awhile, but have only posted once or twice. I have seen quite a few posts from the past couple of years about the lack of financing for home purchases, or, at least, financing at reasonable rates and terms.
To answer your question about financing for condos, etc., yes, there is American-style mortgage financing available for Americans (and sometimes Europeans) who wish to purchase in the D.R. The typical terms are just a fraction of a point above what we offer in the U.S., i.e., 6.5% to 8%, 80% LTV rising in some cases to 100% CLTV, and 30-year amortization, with loan amounts from $100k to $10m. I do not want to make a commercial post here, yet if you will PM me I will explain.
Ed Flower
"American-style" Mortgage Financing For D.R.
Sure; again, I do not wish to offend by making a commercial post soliciting business here, but I will be happy to PM you with details.
In general, none of the mainline publicly-held U.S. banks are able or willing to lend for purchases by Americans in the D.R. The reasons are because of their charters and/or banking regulations which generally forbid such institutions to lend based upon collateral (i.e., the subject real estate) located outside their jurisdiction. In fact, it has not been very many years since U.S. banks were finally allowed to make real estate loans in states here in the U.S. other than the state in which the bank was physically based or specially chartered.
Nowadays, depending on whether the bank is chartered by a particular state or the federal government, and whether it is a regular bank or a thrift, savings-and-loan, etc., almost all U.S. banks will make loans on real estate in any state of the U.S., and in some rare cases, even in Mexico or Puerto Rico.
The only banks which will make such loans for Dominican real estate are a handful of private equity banks which are foresightful and progressive enough to have researched the Dominican market and are willing to undertake the risk of making real estate loans in D.R. Of course, it is only doable by a financial institution not subject to the "retail deposit" rules and other restrictive regulations mentioned above. And, of course, currency exchange, currency inflow regulations, and the obvious political risk are other variables with which only a tiny number of these private banks are willing to deal.
If you have other questions about loans either for retail homebuyers or for construction and development, please PM me and I'll do my best to answer them.
Ed Flower
Titan Reserve, LLC
Sure; again, I do not wish to offend by making a commercial post soliciting business here, but I will be happy to PM you with details.
In general, none of the mainline publicly-held U.S. banks are able or willing to lend for purchases by Americans in the D.R. The reasons are because of their charters and/or banking regulations which generally forbid such institutions to lend based upon collateral (i.e., the subject real estate) located outside their jurisdiction. In fact, it has not been very many years since U.S. banks were finally allowed to make real estate loans in states here in the U.S. other than the state in which the bank was physically based or specially chartered.
Nowadays, depending on whether the bank is chartered by a particular state or the federal government, and whether it is a regular bank or a thrift, savings-and-loan, etc., almost all U.S. banks will make loans on real estate in any state of the U.S., and in some rare cases, even in Mexico or Puerto Rico.
The only banks which will make such loans for Dominican real estate are a handful of private equity banks which are foresightful and progressive enough to have researched the Dominican market and are willing to undertake the risk of making real estate loans in D.R. Of course, it is only doable by a financial institution not subject to the "retail deposit" rules and other restrictive regulations mentioned above. And, of course, currency exchange, currency inflow regulations, and the obvious political risk are other variables with which only a tiny number of these private banks are willing to deal.
If you have other questions about loans either for retail homebuyers or for construction and development, please PM me and I'll do my best to answer them.
Ed Flower
Titan Reserve, LLC
Buying Condos And Homes Using American-Style Financing
An update--
Roco Ki, the new Westin resort in Punta Cana, launched today. This is the first resort to launch offering American-style financing to American and Canadian buyers. This is a milestone, and from what I can see this trend will become more widespread within the next year.
Ed Flower
Titan Reserve LLC
commercial.loans@gmail.com
614-378-4025
An update--
Roco Ki, the new Westin resort in Punta Cana, launched today. This is the first resort to launch offering American-style financing to American and Canadian buyers. This is a milestone, and from what I can see this trend will become more widespread within the next year.
Ed Flower
Titan Reserve LLC
commercial.loans@gmail.com
614-378-4025
edflower said:An update--
Free lame advertisement snipped!
Mr. Chipirolo (AKA El Cheapo) why don't you buy advertisement from Rob and stop being lame! If you cheat Rob out of an ad, what makes you think people will take you serious? Sheesh.... you can't even pay for advertisement and you want potential 'custies' to trust you with their business. LMAO!!! Do yourself a favor, act like a professional and pay for an ad.
NotLurking