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  1. #1
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    Default New Updates on Mortgages?

    I think it may be wise for those who have tried to set up a new mortgage in the last few months to share bank info and rates in this thread. I have a few people I know in tehe market to buy in the DR and having new information on mortgages would be very informative. Looking for terms, % financed, rates with different banks, etc..

    Thanks much.

  2. #2
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    BHD is offering local financing for 14%. That should give an idea of the going market rate for mortgages. Note it is a record low for the past 20 years or so.

  3. #3
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    As stated in a prior thread, BancLeon has 1-20 year mortgages starting around 8% up to around 11%. I believe this is for loans in US $$.

  4. #4
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    If I recall, there was also a company out of Santo Domingo that had US affiliates that was offering decent mortgages. I think I got his ad through the regualer DR1 Real Estate emails. Anyone recalls? I am trying to help someone set up a mortgage.

    Thanks.

  5. #5
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    Default Thanks for the referral!

    Quote Originally Posted by ecarignan
    If I recall, there was also a company out of Santo Domingo that had US affiliates that was offering decent mortgages. I think I got his ad through the regualer DR1 Real Estate emails. Anyone recalls? I am trying to help someone set up a mortgage.

    Thanks.
    I am a mortgage broker located here in the capital. I use assets in the US that can be held as collateral, whether property, stocks, bonds etc. whether a US citizen or not. By refinacing in the US you can keep all the tax benefits, get up to 100% of the appraised value on the property, and more realistic rates. I have programs that start at 1%!, ARMS, 15/30/40/50 yr mortgages which are not available here. There are just more designer mrotgages available than here, with more options.

    As far as banks here, unless special conditions with the developer, most must be done in pesos. That means if today the peso is 35/1 and tomorrow it drops to 25/1, that 200,000 condo just cost you another 60,000. Also, most banks here will only give you 40-70% financing. Usually for 15 years, although some developers have made arrangements with some of the banks for longer terms or it is the developers' money. Over here many are adjustable, and with no cap.

    In an attmept to increase my business and help developers and real estate agents here sell property, I have contacted numerous banks outside the DR...still have not found one willing to come here. I have contacted the banks mentioned on other threads to see if I could finance here, in the US, PR, Germany< etc.

    Even Banco Popular in the US will not, nor will PR branches. You still have to go local.

    JRR

  6. #6
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    JRR: I think you may have tried to answer this question in the last part of your post...DO you know of any way for a property in The DR to be used as collateral for a loan taken out in The US.

  7. #7
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    Default I am afraid not!

    Quote Originally Posted by suarezn
    JRR: I think you may have tried to answer this question in the last part of your post...DO you know of any way for a property in The DR to be used as collateral for a loan taken out in The US.
    The only time I can sometimes use a DR property and assets is in the case of a commercial project...ie: mini mall, apt complex etc. That is becuase those are partner or private investors. For basic residentail properties they must have some kind of collateral in the US, but again, don't need to be US citizens.

    I am still trying to find a bank that will come here from the US but no one wants to lend offshore. I have tried some German, English and Spanish banks but as of yet have had no success. Hopefully I will soon! I will keep you posted

    JRR

  8. #8
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    There are some UK banks which lend mortgages on properties in France, Spain, Italy and Portugal. See http://www.investmentinternational.c...tgages%20Spain. Might be worth asking if they're ready yet for the DR..............?

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