This is a huge BS that's going on at Dominican banks right now. Supposedly now they don't extend credit to people who live outside the country. My story is that I had taken a loan with Banco Popular - with my property as collateral - which I promptly paid. Last year I attempted to renew that same loan (same property, etc...) so after having to submit all the documentation anew, including my credit history from The US and a new appraisal of the property (which is now worth almost 50% more than last time), etc and after waiting about three months I get a denial on the grounds that the bank has changed its policy and they're not extending credit to people who live outside The DR (never mind that the amount of money I was trying to borrow was not even 25% of the value of the property). I was fuming, not because they didn't approve the loan but because they made me waste all this time even though they supposedly have this new policy in place.
I honestly don't understand the reason for denial when you're putting as a collateral a property that's worth two or three times what you're borrowing. Anyhow Banco Popular just lost most of my business due to this BS...
