Financing of Real Estate in DR?

Hi, Does anyone know whether it's possible for a non-dominican to get real estate in the DR financed through a bank/credit corp. in DR? I'm thinking about morgage or something like that. Or is it a matter of 'all cash on the table' if one wants to buy property? Any advice is highly appreciated. Louise

I've looked into it a little but I got turned off by the higher interest rate that is charged. The price for homes are less than where I live (san francisco) but you can expect to pay about 18% to 20% interest charges on the amount financed. The term of the note is also different. That is relatively much shorter than I ever imagined. Five to ten years is what is offered.

My conclusion for purchasing is to put as much down as possible (80 to 90 per cent).

As far as getting the credit without being a resident I can't help you there but i am most interested in any response you may get.

Irv

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