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  1. #1
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    Thumbs up Deutsche Bank makes US$500 mln available to finance mortgages within Cap Cana

    $500 Million in Residential Mortgage Financing in the Dominican Republic


    August 10, 2007 MortgageIT, a subsidiary of Deutsche Bank (DB), announced that it has agreed to make available$500 mln in residential mortgage financing to qualified purchasers of properties within Cap Cana, a luxury real estate and tourism destination located on the eastern shore of the Dominican Republic.

    "This is a landmark transaction which will allow consumers to access long-term mortgage financing in the Dominican Republic for the first time,” said Doug Naidus, Managing Director and Americas Head of Residential Mortgage Origination at Deutsche Bank. “We are extremely enthusiastic about bringing this kind of liquidity to the Latin American and Caribbean market.”
    “MortgageIT’s commitment to the project underscores the appeal of Cap Cana to sophisticated investors,” said Dr. Ricardo Hazoury, President of the Board of Cap Cana. ”We are confident that this financing program will accelerate and increase our overall sales effort.”

    About Deutsche Bank
    Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 75,140 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
    www.db.com
    ...

    About Cap Cana
    Located on the Eastern tip of the Dominican Republic, Cap Cana is called “The World’s Next Great Destination”. It is the most important tourism and real estate project in the Caribbean, spanning more than 30,000 acres with over three miles of white-powder sand beaches. Cap Cana is a project recognized for its ambitious dimensions as a fully integrated luxury community.
    At the completion of the master plan, Cap Cana will feature more that 5,000 residential units and at least four luxury hotels. Also included are five golf courses, three of them Jack Nicklaus Signature (the first, Punta Espada, opened in November 2006) and the area’s most state-of-the-art marina featuring over 1,000 slips catering to mega yachts up to 150 feet (inaugurated the first step of the first phase in April 2007). Additional services and amenities include elegant boutiques, fine dining restaurants, world class spas, exclusive membership clubs, water sports, polo, and horseback riding facilities, to name a few.
    www.capcana.com

  2. #2
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    Default

    Just wondering if the subprime mortgage industry collapse will affect the DB subsidiary Mortgage IT, although this for housing overseas.

  3. #3
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    Quote Originally Posted by jed View Post
    Frickin count on it........whoa.....look out folks......get liquid..hahaha.....pardon me, try and get liquid!!!!!!!!
    There must be a full moon....you keep following me

  4. #4
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    Jed you're sounding very familiar to me, like I know you. Perhaps you live to the north west of the USA.

  5. #5
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    Thumbs up

    Ritz Carlton may soon start constructionwithin Cap Cana's Area Hotelera.

  6. #6
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    Default Nothing shattering!

    Every bank here in the DR wants to lend money to people buying in Cap Cana. In fact, banks like Scotia Bank, will only lend US dollars in three places, Cap Cana, Roco-ki, and Casa de Campo. The only way they can do something different is if they loan the funds for construction, although I doubt it! They have no collateral as titles are not passed until the condo is finished! Right now Cap Cana takes their deposit and additional deposits for the purchase same as other developers. Imagine paying 60-70% of the purchase price 1-3 years in advance, and if Cap Cana goes under, you have no recourse as funds are not held in escrow. Do you think a bank is going to take that chance?

    Get serious!

    JRR

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