Through Casa Linda:
Casa Linda will provide vendor financing for your new villa with a minimum of 70% downpayment. You have the choice of making regular monthly mortgage payments yourself, or using rental income generated from your villa to make the payments. Casa Linda will provide vendor financing for your new villa with the following downpayments and rates:
- 70% down: 5.95%;
- 80% down: 2.95%
You can pay off your mortgage without penalty at any time.
- You will not require as much cash up front, possibly giving buyers the ability to purchase sooner
- Less exposure to fluctuating exchange rates, USD/CDN and/or other currencies
- Re-payment from rental profit only. No extra out of pocket expenses each month to support a second home.
- No specific credit rating or income qualifying requirement Ÿ No hassle dealing with out of country banks PAY ONLY 70% & FORGET THE BALANCE! With an initial payment of 70% of the purchase price, the remaining balance of 30% can be paid with no additional out of pocket funds from the buyer(s). The balance can be taken from the villas’s monthly rental income.
USING RENTAL INCOME TO PAY THE MORTGAGE:
No matter the amount financed, you can count on rental income to assist with costs. Casa Linda has a robust rental program with high occupancy rates. Income earned from your villa can be used to pay monthly mortgage costs as well as monthly expenses for the villa. For detailed information about mortgage financing, including detailed rates, terms, & amortization, please contact our office at email@example.com or at 809-571-1190.
There are local banks who will provide mortgage financing for “non residents” of the DR; however, please know that the process is cumbersome and very slow. Normal bank qualification requirements apply including income, credit score, ability to repay, etc. Downpayments can be as low as 20%. Scotia Bank in the DR has proven to be the best to work with for our buyers, and we will be happy to introduce you to our local Scotia Bank representatives.
Scotia Bank best terms for US, Canadian and UK citizens: 30% downpayment, up to 25 years amortizaton, 5.95% for five year term.