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Want to buy property in the D.R. - Need extra funding
Hi,
I've just returned from Cabarete where I have found a property - residential and commercial (apartment rental) that fulfills all my dreams. I have been trying to raise finance with London Banks and agents but so far no luck. Am under some time pressure as desposit needs to be paid by 24 April - I can do this but I need to have additional funds in place. Have read all the posts about re-financing at home but that is not an option at the moment. Need to raise a mortgage against the property in the D.R. I have a third of the full price in cash, either to put into the deal or to guarantee repayments for c.5 years. Please please help???? There must be some easy way to do this....
I've just returned from Cabarete where I have found a property - residential and commercial (apartment rental) that fulfills all my dreams. I have been trying to raise finance with London Banks and agents but so far no luck. Am under some time pressure as desposit needs to be paid by 24 April - I can do this but I need to have additional funds in place. Have read all the posts about re-financing at home but that is not an option at the moment. Need to raise a mortgage against the property in the D.R. I have a third of the full price in cash, either to put into the deal or to guarantee repayments for c.5 years. Please please help???? There must be some easy way to do this....
Thanks,
Nicky
Prior to the sub-prime crisis there were "some easy ways to do this" but those ways have been shot dead for the time being."By easy" what did you have in mind other than a low rate of interest for the loan?
Hi johne,
this is me Nicky (female) trying to get to grips with replying! Am new to this. Yes I can put 30% cash in AND make the project self funding - any suggestions where I could look for the balance of funds (c.£300k on property worth £500k and netting c.£5k pcm). I would be most grateful for any advice.
YOu could try buying in a partnership if its a business venture maybe you can find a similarly interested party via your bank manager in the UK.
Oh and when you put 300K you didnt say what currency makes a big difference if its dollars or pounds sterling even more if its in pesos.
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........
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Want to buy property in the D.R. - Need extra funding
