Want to buy property in the D.R. - Need extra funding - Page 12

nudel1 · #**111** 04-19-2008, 04:23 AM

'The problem' is far from explained, in fact it deepens all the time...
When first posting a notice on this forum, I was not attempting to infiltrate some elite group...
I appreciate that a 'newbie' to any group would be viewed suspiciously .... but really, all I was doing was posting a question regarding funding!!! Those who had information about FUNDING CONTACTS could easily reply....
As you state, Lambada, in the thread I got two contacts...
(viable ones have been followed up - 30% is not viable)... in amongst a barrage of other opinions and character assasinations. You will see I gave all the personal information I was prepared to give at the very beginning ... information regarding my background and personal circumstances. I do not see the need for further specifics, despite the questions.
Please, can the 'ethos' of this forum be outlined??
If I post a notice on a shop window, I would not have to answer various questions about myself or my intentions...
I posted on a forum which discusses in depth everything from property tax to buying a washing powder scoop?!?....
A simple question looking for a simple answer... 11 pages later I am feeling the pressure from (experienced) forum users to justify myself.....
In every post I have stated that the information is great and being considered ...
I do not have to answer questions about my lovelife, my personal situation, my life intentions or when the championships are at Encuentro beach....
Not surprising though that these questions come up as a lot of posters do not seem to even live in the DR! That being so, what unites the 'experienced posters'?? Perhpas the little symbols at the top of their posts? What do those mean?? On the one side every post has warned me to heed the advice, on another someone tells me NOT to take this advice as gospel but to do much more research.... that is now done! I have been looking at most of the threads on the forum... maybe the content of information is not so great after all.... some views are strange ... I myself find a slight problem with blithe words such as DUMnicans... not sure what a Dominican national would think about this???
The forum has been great for me - I have some good and reliable contacts - but I do not understand the workings of this forum ... if someone wants to take the the time to explain, please do. Otherwise, 'experienced' DR1 posters - I leave your forums to you...
Good luck and let me give you the first piece of advice I can at this stage .... EASE UP... life does not have to be so serious...
And if you take umbrage with my way of expressing myself - that is because I am a German national I guess????
Good luck to you all.....

andrewc52002 · #**112** 04-19-2008, 06:49 AM

It's been like testifying in a Congres Commision, isn't it ? lol
You take care.

johne · #**113** 04-19-2008, 07:23 AM

Well, when you are looking for a source for a great deal of money, that is generally the case. Aside from just about every part of your personal, financial,and some times social part of your life it seems in this current lending market they would also like to know the color of your underwear. Really can't blame the lenders as they have taken quite a hit over the past two years.

johne · #**114** 04-19-2008, 07:40 AM

Quote:

Originally Posted by nudel1

'The problem' is far from explained, in fact it deepens all the time...
When first posting a notice on this forum, I was not attempting to infiltrate some elite group...
I appreciate that a 'newbie' to any group would be viewed suspiciously .... but really, all I was doing was posting a question regarding funding!!! Those who had information about FUNDING CONTACTS could easily reply....
As you state, Lambada, in the thread I got two contacts...
(viable ones have been followed up - 30% is not viable)... in amongst a barrage of other opinions and character assasinations. You will see I gave all the personal information I was prepared to give at the very beginning ... information regarding my background and personal circumstances. I do not see the need for further specifics, despite the questions.
Please, can the 'ethos' of this forum be outlined??
If I post a notice on a shop window, I would not have to answer various questions about myself or my intentions...
I posted on a forum which discusses in depth everything from property tax to buying a washing powder scoop?!?....
A simple question looking for a simple answer... 11 pages later I am feeling the pressure from (experienced) forum users to justify myself.....
In every post I have stated that the information is great and being considered ...
I do not have to answer questions about my lovelife, my personal situation, my life intentions or when the championships are at Encuentro beach....
Not surprising though that these questions come up as a lot of posters do not seem to even live in the DR! That being so, what unites the 'experienced posters'?? Perhpas the little symbols at the top of their posts? What do those mean?? On the one side every post has warned me to heed the advice, on another someone tells me NOT to take this advice as gospel but to do much more research.... that is now done! I have been looking at most of the threads on the forum... maybe the content of information is not so great after all.... some views are strange ... I myself find a slight problem with blithe words such as DUMnicans... not sure what a Dominican national would think about this???
The forum has been great for me - I have some good and reliable contacts - but I do not understand the workings of this forum ... if someone wants to take the the time to explain, please do. Otherwise, 'experienced' DR1 posters - I leave your forums to you...
Good luck and let me give you the first piece of advice I can at this stage .... EASE UP... life does not have to be so serious...
And if you take umbrage with my way of expressing myself - that is because I am a German national I guess????
Good luck to you all.....

If you posted a notice on a shop window that said"Young Lady looking for Someone to Lend me $600,000 to buy a beach front resort on a Caribean Island" how many replies do you expect to get? I suppose if you are a logical person the answer would be none. Right? So you took a better route being a smart lady and came to dr1. You expected exactly what you outlined in this posting --'all I want is a contact's name and don't bother asking any sensible, thoughtful, logical questions!' Not going to happen on this forum. Get over it or move on.

The question of ""30%" interest. I NEVER said 30% interest. What I said, and perhaps wrote it incorrectly, or perhaps you mis-understood was ---30% LTV.Meaning I could lead you to a source (maybe even me) that would lend UP TO 30% of the purchase price (value) IF you put up 70%. I never mentioned an interest rate. Sorry for the confusion.

The remark about you being a German. Have no idea what you're talking about but when you advise others (dr1 members) to ease up isn't this a little like "calling the kettle black?"

As I said in my heading this is my last posting to the thread as I cannot see the value of putting more time into trying to solve your problem.This ain't Italian Charities you know.
Godd luck,
JOHN

nudel1 · #**115** 04-19-2008, 08:23 AM

I do not require £600,000 for a beach resort.
I did reply to your post John, saying I needed more than 30%, only to be told you meant 30% interest... check thread. I also stated that I would send financials and a business plan.
I appreciate mainstream lenders would want to know the colour of my underwear, and I would tell them, but none of the posts came from mainstream lenders, just people with strong opinions.
I have done many property deals in my time, and have never once lost money, either for myself or the lenders. Indeed in the past I have been very successful with this. It is precisely because of the credit crunch that I am looking to move funds offshore. Self-explanatory if anyone stopped dissecting every word I post and just look at the message.....
As for the comment about being German - I am communicating in a different language and this sometimes causes problems, no....? Just as in this instance....

wishingiwasthere · #**116** 04-19-2008, 09:33 PM

Hey Nudle1

Maybe you have been treated a little harsly - however please understand that many many people have moved to the island with very little knowledge, spent all they had - some even got a loan and spent that as well. They left the island very very poor, in debt and had nothing to show for it.

In most cases - its because they were not properley prepared.

There are also the people - many many people who come on here with the same dream, ask the same quesitons and then reality hits and they re think their plans.

Also - there are people who like to start a discussion/debate and have a laugh at others - just for fun.

Could be three of the reasons why you were treated a little "hard".

Good luck to you anyway.

johne · #**117** 04-19-2008, 09:53 PM

OP--check your PM for my response.
JOHN

gilleganproperties · #**118** 04-24-2008, 05:02 PM

hey nicky

i work in the DR in real estate and most of our clients are European , try a company we work with in ROI Ireland. They deal with international mortgages and finance for residential and commercial properties.

cantact paul : pmg@acapgroup.com
:: ACAP ::

good luck

Fernandez · #**119** 05-06-2008, 08:09 AM

Dearest Nicky,
Unfortunately, private "capital" for DR ventures has dried up, and where you might find the capital to purchase your dream, the lenders might not be the type you would want to associate yourself with. In the DR, should you find a private party who would be interested in lending, please check very carefully into the source of funds, as in hard times the "cash" heavy tend to belong to unwanted groups .... be careful.
If the Seller of your dream property is willing, you should first approach him/her/them with Direct seller financing, where they arrange to lend you as part of the sale, for a fixed period of time and under a specific worked out budget that allows you to pay off interest and/capital during the period. As you conduct business, and gather a history in the DR, you might then approach a prime tier lender for financing to take out your Seller financing.
Good luck.

Its_where_I_Belong · #**120** 06-09-2008, 03:29 PM

Quote:

Originally Posted by nudel1

I have tried my bank here ... they are only lending in 'major European cities' at the moment. I want to invest the in D.R. - I absolutely fell in love with the place when I was there, and with the whole lifestyle thing that the Caribbean offers. I just need to find a local bank or financier who will advance 70% of the funds for great return.
All figures are in Sterling........

Dear Nicky,

I know that sometimes it can be an akward situation to look for financing in the DR. It looks from here that your major problem is not who will finance but more as how you are presenting the deal to local financial institutions.

Like in any major commercial real estate deal there is 3 values you need to establish:

CFFO (Cash flow from operations)

IRR (Internal Rate of Return (Most looked up by financial providers)

and NPV (Net plus Value of the real estate that will be purchase on over certain period)

Shall you need any information on how to calculate the values and present them let me know by email, i'll forward you practical excel spread sheets.

alainrichard2000@yahoo.ca

Cheers

Alain