Financing in the DR
YES, foreigners can get a bank loan in the Dominican Republic to purchase property.
Here are some of the requirements…………
Financing in the Dominican is very similar to financing in the US and Canada, there is an assortment of documents that you will need to provide to bank officials in order for them to qualify you.
- Photo of passport
- Secondary ID
- 2 Bank Reference Letters
- Paystubs or W2s to show proof of work - Work Letter or Work Contract
- If Independent you need to show your Business Certificate
- Bank Statements of the lat 3 Months if employed - 12 months if self employed
- Property Valuation - this is done once the property is found or 95% built if buying new construction
- Property Title (this will be provided by your seller)
- Authorization form to check your credit (form provided by the bank)
Terms of Financing
Possibility to lend up to 70% of property value (on valuation report) or purchase contract, which ever is lower
- Banco Popular can lend up to 70% on valuation report
- 25 Year Loan
- Credit Score of 680
- Possibility to get a loan in dollars
- Interests Rates Vary by bank - 5.75% fixed for 3 years or 6.50% fixed for 5 years