We used Guido Perdomo and he has been great. Everything went very smoothly and he explained the way things are done in the DR each step of the way.
To the OP not sure how the bank can tell you what you can or can't spend you LOC on. When we did this there was absolutely no mention of it being illegal. The bank is fully aware of what we did purchase (and where) and, in fact, the loan officer has posted the villa on a bulletin board in case anyone in the bank is interested in renting it. However, it is not classified as a mortgage, it is a home equity line of credit.
Steve, we are in the same area as you and can see the golf course from our property as well (yes it is still for sale....$675,000 US I believe). I understand what you are saying as the value of our property (equity) has also increased since we first purchased it in May. It also seems to be a good area for rentals as we have been quite fortunate in that area as well
To the OP not sure how the bank can tell you what you can or can't spend you LOC on. When we did this there was absolutely no mention of it being illegal. The bank is fully aware of what we did purchase (and where) and, in fact, the loan officer has posted the villa on a bulletin board in case anyone in the bank is interested in renting it. However, it is not classified as a mortgage, it is a home equity line of credit.
Steve, we are in the same area as you and can see the golf course from our property as well (yes it is still for sale....$675,000 US I believe). I understand what you are saying as the value of our property (equity) has also increased since we first purchased it in May. It also seems to be a good area for rentals as we have been quite fortunate in that area as well