Mortgage/Financing

[DrNorm]

I am looking for some way to finance a villa in the DR near Puerta Plata. Any suggestions about banks in the Caribe that will do this. I haven't had much luck with US banks wanting to get involved outside the states. Thanks!

[Ken]

The interest charged by DR banks is very high; you might be better off borrowing from the mafia.

[DrNorm]

I was hoping there were some banks outside the DR that would make resonible loans in country.

[Keith R]

DRNorm,
I suggest that you read the post at this link:

Costs of Buying a Home in the DR

As for banks outside the DR loaning for DR property purchases, I seriously doubt that you'll find one unless you're a major millionaire with a long relationship with Citibank Private Banking in NYC, and even then, I bet that they would actually work the loan through their DR office rather than from NYC. Most banks like mortgages where they can at least get their hands on the property if the loan recipient defaults -- this would be too cumbersome, time-consuming, expensive a process for them in any foreign country, more so than most with the DR. Secondly, banks like to lend for properties with clear title, which is a chronic problem in the DR (just research the DR1 archives on this issue, you'll see!).
Regards,
Keith

[BushBaby]

DrNorm,
This may sound rude but it is not meant as such. If you do't know the cosst of borrowing money (30% pa MINIMUM) in the DR & don't yet know how the banking system opperates down here, then you are NOT ready to even CONSIDER buying property down here. PLEASE, come down, RENT for 12 months at least, get to know the people & the way things work here BEFORE you try to buy property. It will save you US $ thousands in the long run by just waiting a year or two.

PLEASE do check the archives on this subject - there are some excellent articles/posts written by experienced people plus long time sufferers who have fallen foul of unscrupulous "Professionals"!!

Just as a point of interest, how often have you visited the DR north coast? Knowing someone who knows someone is the main way of getting things done here - you WILL find a way of doing things if you are here "Networking" yourself into a good group of businessmen (or women). E-mail or PM me if you need more info AFTER reading the archives! - Grahame.