DSCR loans for International Real Estate / Dominican Republic

[Maura Winkler]

Hello, we are looking to invest in Dominican Republic, specifically the Las Terrenas area. We're looking to buy first or second line on the beach, potentially purchasing land and doing a new build. I am wondering if anyone is aware of any DSCR loans that will finance construction internationally. As far as I am aware, there are minimal options for financing in Dominican Republic--either Scotia Bank or a local Dominican bank. Both require a large down payment (50% or more) and it seems will not finance land/new construction. We have equity lines on properties in the US so we could pull out some equity, but would prefer to finance as much as possible.

[Mike Lambert]

Hi Maura, sadly you can pretty much forget DSCR loans outside of the US and loans for land or construction internationally, with very rare exceptions. It's good that you have the HELOC option though.

[Ko Kashiwagi]

Hi Maura,

Do you have a US credit, US based LLC and US bank account? We have DSCR loans (non-construction) for foreign nationals. The leverage is a little lower and rates may change, but a DSCR is still possible provided you qualify.

[Maura Winkler]

@Ko Kashiwagi

Yes, we are US citizens, have quite a bit of real estate in the US, a bank account, and credit history.

[Chris Seveney]

@Maura Winkler

I would look into getting a portfolio loan against your US real estate to acquire that property. Just recognize the rate would most likely be in the double digits, especially if the portfolio loan is not in first position.

[Orlando De Los Santos]

I'm from Dominican Republic, no product like that out there. the best option is to buy with the proceeds from the states. 

[Wilson Feliciano]

Quote from @Ko Kashiwagi:

Hi Maura,

Do you have a US credit, US based LLC and US bank account? We have DSCR loans (non-construction) for foreign nationals. The leverage is a little lower and rates may change, but a DSCR is still possible provided you qualify.

Im interested in knowing more about DSCR loans (non-construction) for foreign nationals. Can you provide details, thanks. 

Feel free to send me a DM. 

[Robin Simon]

Quote from @Wilson Feliciano:

Quote from @Ko Kashiwagi:

Hi Maura,

Do you have a US credit, US based LLC and US bank account? We have DSCR loans (non-construction) for foreign nationals. The leverage is a little lower and rates may change, but a DSCR is still possible provided you qualify.

Im interested in knowing more about DSCR loans (non-construction) for foreign nationals. Can you provide details, thanks. 

Feel free to send me a DM. 

The "DSCR Loan" product is going to be strictly for US based properties - for international real estate will have to look for other options

[Danilo Grullon]

@Maura Winkler

I own a property in Las Terrenas, I paid cash using cash-out refinance in US.  Scotiabank is the most popular bank in DR for foreign buyers.  I believe that they also provide construction loans for primary and investment properties. You may need to fund 40-50%.  

[Robin Simon]

Quote from @Danilo Grullon:

@Maura Winkler

I own a property in Las Terrenas, I paid cash using cash-out refinance in US.  Scotiabank is the most popular bank in DR for foreign buyers.  I believe that they also provide construction loans for primary and investment properties. You may need to fund 40-50%.  

 yup - you are likely going to need to go to a bank / relationship based for investments like this

[Wilson Feliciano]

Quote from @Danilo Grullon:

@Maura Winkler

I own a property in Las Terrenas, I paid cash using cash-out refinance in US.  Scotiabank is the most popular bank in DR for foreign buyers.  I believe that they also provide construction loans for primary and investment properties. You may need to fund 40-50%.  

 I appreciate your feedback. I'm looking to build relationships with banks out in DR